Singapore and Hong Kong compete for wealth management talent

Singapore and Hong Kong are intensifying their competition for wealth management talent and investment capital through aggressive hiring and tax reforms.

In Singapore, major banks are racing to expand their wealth management franchises. DBS aims to add 600 front-line advisers by 2028 and hire over 500 young local talents in 2026. OCBC Bank plans to hire 600 relationship managers over the next three years, while UOB intends to double its sales team by the end of 2026 and hire more than 800 young local talents in 2026.

Simultaneously, tax incentives have become a primary battleground. Hong Kong is progressing legislation to offer preferential tax treatment on carried interest to a broader range of alternative investment groups. In response, Singapore’s central bank has proposed measures to enhance the asset management industry, including profit exemptions for fund managers delivering strong returns in qualifying funds. While Citigroup suggests these tax changes could act as a catalyst for capital and talent inflows into Hong Kong, some analysts note the direct impact on real estate markets remains unclear.