Shanghai-headquartered securities brokerage and wealth manager, BNP Partners has conceded it has encountered "difficulties" sourcing locally suitably qualified personnel to head up operations in the three markets it plans to enter as part of its ASEAN expansion campaign.
The firm, which committed to launching wealth management businesses in Southeast Asia earlier this year reports disappointing responses from a series of advertising campaigns run in local media.
"Our recruitment drive has faced challenges," admitted Simone Azideh, Head of Personnel at BNP Partners' Hong Kong Administration offices. "These hires have become time-sensitive so we may have to consider the relocation of some of our existing senior management to fill the key roles temporarily until such time as we're able to groom local talent to take the reins."
Ms Azideh said that shortcomings of candidates the firm's retained executive search company had encountered include inadequate knowledge of investing outside proprietary "cookie-cutter" products typically offered by so-called "bancassurance" - insurance and protection tie-ups between large foreign or indigenous banks and insurers.
The search company said that applicants from these backgrounds were typically well-qualified academically but lacked the appropriate combination of market knowledge and client-handling ability.
Although the markets into which BNP Partners intends to expand do have wealth management businesses, the firm is keen to avoid expansion via acquisition of existing practices citing a desire to replicate its own unique style of practice.
"We will need to re-evaluate our approach and consider alternatives but as far as I'm aware, our original schedule for opening of the first office remains unchanged," Azideh said.
About BNP Partners:
At BNP Partners, they define effective wealth management as an overall strategy that seamlessly integrates their clients' personal ROI (return-on-investment) aspirations with their investment management prowess.
Whilst today's markets can often demonstrate the type of characteristics that have served to hamper the efforts of many traditional investment methodologies to secure the returns they once did, BNP Partners continue to secure exceptional returns for their esteemed clients utilizing a meticulously applied combination of those same traditional methods whilst diligently complementing them with new, pioneering techniques.
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By Sean Nichols