A study of different cultures of doing business around the world has found that Asian business leaders are more team-minded. That should give wealth managers operating in the region pause for thought.

Business leaders based in Asia are more team-focused than is the case among their global counterparts, according to a report that may suggest how wealth managers should manage talent and drive business models in the region.

A survey of 5,900 executives around the world, including 1,440 based in Asia, was conducted by executive search and consulting firm Heidrick & Struggles.

Greater percentages of the people surveyed in Asia favoured the "energiser" and "harmoniser" leadership styles than did senior executives as a whole globally. Energiser is used as a term to describe executives who energise others through their personality and clear articulation of strategic vision and meaning. Harmoniser describes executives creating positive environments and recognising the efforts of others. They tap into the knowledge and expertise of those around them.

The report may suggest that a less individualistic, more collective approach to working makes the most sense in Asia for wealth management, inasmuch as the findings of the report are relevant to this sector. The private banking sector in Asia is, as appears to this publication, often characterised by a revolving-door culture; there are also cases where people work for many years for one firm.

"At the onset of the 'fourth industrial revolution', it is essential for leaders to understand their leadership blind spots, while further improving their leadership flexibility and agility, in order to operate effectively in a highly volatile, uncertain, complex and ambiguous (VUCA) world," said Steve Mullinjer, regional leader of Heidrick & Struggles Asia-Pacific.

"Our research supports the idea that country of origin predicts, to a certain extent, how people lead," said Karen West, partner, global leadership consulting practice at the firm.

"Those who were raised in Asia and currently work there are much more likely to tend toward the harmoniser and energiser leadership styles. To a large extent, their style of leadership reflects cultures that focus on the good of the group as opposed to individual performance,” she said.

Gender does not appear to be a significant factor in predicting leadership style among executives in Asia. The survey found no significant difference in the distribution of leadership styles of senior executives who are male compared to their female counterparts.

"It's important to note that there is no such thing as a 'right' or 'wrong' leadership style, and in fact individuals are likely to be able to access every style to a varying degree," West said.