As global markets rallied over the past five years, talent in the private banking industry had become a heavily fought over commodity. Rain makers, top bankers and entire teams were poached constantly by rival organizations who offered top dollar for the move.

However the unprecedented financial crisis has dramatically changed the talent landscape, with rookie bankers facing a harder time to move up the ladder, said a Merrill Lynch executive.

“Musical chairs are not taking place. People with limited experience, with fewer assets are not today being seen to move in the manner that they did in 2006, 2007,” said Rahul Malhotra, head of Asia-Pacific Advisory for Merrill Lynch.

Malhotra also said that the pace of growth in the wealth management industry outstripped the pace of growth in its talent pool.

What do you think?

 Lim Boh Soon, chief executive officer of Kuwait Finance House in Singapore said at the Reuters Wealth Management Summit that he sees the period of downturn in the global economy lasting 18-24 months.

However, he thinks the market sell-off over the past two weeks has thrown up good value and said the Middle Eastern bank will look to raise up to $600 million for three Asia-focused funds next year.  Kuwait Finance House is the Gulf third-largest lender.

What do you make of Lim’s assessment on the global economy? Do you think it is a good idea to start buying into the market?

Click here and hear to listen on Lim’s assessment of the global economy.

Where is a good place to put your money in these volatile times?

Jennifer Tay, Managing Director and Head of Portfolio Counselling Investments for Asia-Pacific for Citigroup says she likes healthcare, infrastructure and utilities.

Click here to listen.

Raj Sriram, global head of the South Asia private banking arm of the Royal Bank of Scotland says to de-leverage and de-risk.

“Once there is some semblance of sanity to the marketplace, be in a position to look at what are fundamentally good opportunities from in a long term perspective. But for the short term be as static as possible, virtually do nothing apart from  de-leveraging and de-risking”.