The recruitment of a senior relationship manager from rival Julius Baer in Hong Kong suggests that hiring at the investment bank is now in full swing.

Morgan Stanley, which has plans to hire 50 relationship managers in Singapore and Hong Kong over the next three years, is said to have begun its recruitment spree, with its first coup being Pradinan Arkarachinores, a former Julius Baer senior relationship manager based in Hong Kong, efinancialcareers reported.

Arkarachinores was an executive director and team head for the Thai market at Julius Baer. She joined the firm in 2016 after being hired by Angela Bow, her former colleague at Credit Suisse, where she worked for six years with ultra-high net worth clients. However, finews.asia reported in November that Bow had resigned from Julius Baer.

According to efinancialcareers, one of the draws of Morgan Stanley for relationship managers that work with ultra-high net worth clients is its bonus arrangement. The firm is one of the few banks in Hong Kong and Singapore with a brokerage bonus model, which is based on a clearly defined formula derived from revenue generated. This typically results in a compensation to revenue generated ratio that is two to three times higher than under a discretionary model, a former private banker told the publication.