Pictet & Cie plans to double its pool of private bankers in Singapore and Hong Kong by the end of next year. The Swiss bank currently has 11 private bankers out of a staff of 48 based in Singapore and Hong Kong.

Jean-Claude Erne, managing director of Pictet & Cie (Asia), told the Straits Times that its Singapore office, opened in 1995, has been expanding its assets under management by 30 per cent a year – and it aims to maintain that rate of growth.

In the report, confirmed by the bank, he acknowledged that to reach its targets, Pictet & Cie would have to overcome the talent squeeze.

"We have to find all ways to recruit talent. The problem is that the market is extremely dry," said Mr Erne, who has been based in Singapore for the last six years.

Sooner or later, there will be "consolidation" in the market, he said. While this means private banks may lay off people, this may be the chance for others to gain quality ones. "It will be a good time to build up forces," Mr Erne added.