Credit Suisse today has announced that its Wealth Institute in Singapore – its first such facility in the Asia-Pacific region – is open for business, and a sign of how private banks are seeking to develop more in-house talent.

Credit Suisse today has announced that its Wealth Institute in Singapore – its first such facility in the Asia-Pacific region – is open for business, and a sign of how private banks are seeking to develop more in-house talent.

The institute is located at One Raffles Link: it is a purpose-built regional training and competency service for Credit Suisse’s local, regional and global staff.

The Zurich-listed bank said the institute is also designed to be used by local and regional clients, as the bank shares information and expertise with them on wealth issues.

The institute is an example of the kind of measures private banks – including rivals such as UBS – have in place to develop wealth management staff at a time when a shortage of talent is often cited as a problem in the Asia-Pacific industry. This publication has summarised some of the main post-graduate training schemes at firms and institutions around the world here. (We invite readers to let us know of any other courses that they feel merit inclusion in that summary, which will be reissued and updated.)

“Through the Institute, we wish to also contribute to the continued growth of Singapore as an international financial centre, and help to further develop the pool of wealth management professionals and financial services leaders,” Francesco de Ferrari, head of private banking at Credit Suisse in Asia-Pacific, said in a statement.  

Helman Sitohang, Credit Suisse’s head of the investment bank Asia-Pacific and chief executive for Southeast Asia, added: “We can only succeed if we continuously upgrade and develop our talent, particularly against an evolving industry landscape and increasing focus on client-facing employees’ competency and skills.”

The institute comprises “state-of-the-art training and conference facilities, equipped with the latest audio-visual and learning technologies”, the bank said, as well as a conference hall with seating for over 200 people, training rooms and an amphitheatre.

The Swiss bank said more than 250 learning and development programmes will be run at the Credit Suisse Wealth Institute in 2014, benefitting over 3,500 local, regional and global employee participants. Particular focus will be on programs that strengthen the competences of frontline employees particularly in the areas of client services and leadership development.

The bank says that, in 2005, it became the first financial institution to be accredited under the Financial Industry Competency Standards from Singapore’s Institute of Banking and Finance for its in-house private banking training programmes.

The Wealth Institute will stage more than 35 events and programmes and roll out thought leadership research for Credit Suisse’s local and regional clients this year, on topics ranging from financial products, investments, family offices and family legacy planning to philanthropy, it said.