HSBC Private Bank wants to increase its hiring in Asia but it is also focusing on preventing existing employees from jumping ship as the wealth management talent war starts to warm up.

Private bankers are becoming more open to moving firms as their sector rebounds from the financial crisis faster than anticipated. And the dramatic recent departure of 70 RBS Coutts employees means all firms will now be even more careful about keeping hold of their talent.

Dishing out attractive pay packages is not the only solution to the retention problem. Monica Wong, chief executive of HSBC Private Bank in Asia, also stresses the importance of treating staff fairly, and giving them enough opportunities to perform well.

And least we think that all relationship managers are 24/7 bankaholics, Wong reminds us that boosting work-life balance also helps retention.

“Each of these areas, in and of itself, appears easy to do. However the trick comes in combining all three in a unique mix that benefits both the individual as well as the organisation. That is a constant balancing act,” she tells eFinancialCareers.

HSBC Private Bank hasn’t suffered from the constant defection rumours that have afflicted some of its rivals, especially UBS, over the past year. Wong is, as you would expect, upbeat about her bank's retention performance. “Compared to other institutions, I would say that on the whole, our staff have been loyal.”

What about HSBC’s hiring plans? Like all its rivals, the firm now emphasises the importance of recruiting experienced private bankers. The entry bar into this sector is as high as it has ever been.

“We are looking for good, high quality individuals who possess a passion for the business. They must also have the qualities that show they have the relevant experience to deal in this unique business,” says Wong.

And don’t be surprised if Asia features prominently in HSBC’s forthcoming hiring.

“Asia has been and will continue to be the fastest growing region in the world and because of this, it would be pretty hard to ignore the importance of this in our plans. Certainly greater China represents the greatest potential but you also cannot ignore areas like Southeast Asia as well.”