Daily Briefing: Here's what private bankers in Singapore can expect for their salaries and bonuses; UOB bags 75% stake in Indonesia's PG Asset Management

And Cloud company Deskera secures US$60m funding.

From eFinancial Careers:

Private bankers staying with their current firms should not expect a large rise in their compensation going into 2019 as the investment market not been turning in their favour, with some lower revenue numbers seen in 2018 compared with 2017.

It’s a different story for those who are moving firms. “As pay remains steady from last year overall, banks that are hiring are offering attractive increments to get mid and senior-level bankers to join them,” says Andrew Zee, principal consultant in private banking and wealth management at recruiters Selby Jennings in Singapore.

The average pay rise for RMs moving between banks in Singapore is about 20% to 25%, say headhunters. Boutique private banks, however, typically offer more generous increases, primarily to attract new RMs who might otherwise be put off by their limited platforms. EFG, LGT, Safra Sarasin, UBP, and VP Bank – for example – have been hiring.

The job market in Singapore private banking remains tight, especially in the ultra-high-net-worth segment. “Pay inflation for new recruits is driven by a hunger for AUM,” says Lucas Yeo, head of banking and finance at recruiters Tangspac in Singapore. “Banks are constantly on the lookout for new RMs who can bring books with them, and the war for talent is ongoing. Because Asia is the fastest growing region for wealth growth, there’s a severe talent crunch here.”

Read more here.

From Deal Street Asia:

UOB’s subsidiary UOB Asset Management (UOBAM) has acquired a 75% stake worth $2.25m (US$1.63m) in Indonesia’s PG Asset Management from investment firm Multikem Suplindo.

Jakarta-based PG Asset Management holds an investment management license dated 27 December 2011 issued by Otoritas Jasa Keuangan (OJK), the financial services authority in Indonesia.

The company has a net asset value of approximately Rp 7.7b, as at 28 September 2018, with assets under management of approximately Rp 255.4b.

After completion of the acquisition, which awaits regulatory approvals from Indonesia and Singapore, PGAM will become a subsidiary of UOBAM.

Read more here.

From e27:

Cloud company Deskera has received a total of US$60m from investors including Jungle Ventures, Cisco Investments and Innoven Capital which it will use to add more solutions to its SME-focused platform and continue global expansion.

With services accessible across Southeast Asia, Deskera targets small and medium-sized enterprises (SMEs) in the region with a cloud-based platform.Deskera said the platform helps SMEs to run their businesses, track their accounts and finances, manage their customers, and hire and manage employees.

Anurag Srivastava, Managing Partner at Jungle Ventures and Board Member of Deskera shares his belief in Deskera’s capability. “Deskera’s product portfolio has potentials to change the way SMEs work across Asia,” said Srivastava.

Read more here.