By Barbara Walshe

Since the late 1990s, Asia has been the fastest growing wealth management economy in the world. 

With the overall market rising at approximately seven to eight per cent per year - and economies within that, such as China and India, growing at 15-20 per cent - Asia has a short term mandate to be the next 'Europe' of private banking and the long term potential to overtake the powerhouses of wealth - Europe and America. 

Within that, Hong Kong continues to be one of the most successful and enduring markets. "Over the last ten years, the growth of wealth here has been tremendous," says Esther Heer, head of private banking for Coutts Hong Kong, who has worked there for nearly 20 years.

She puts this down to the influx of wealthy Chinese who see Hong Kong as 'paradise'.  "They invest first and foremost in properties, which has resulted in significant spending here."

Tourism also boosts the economy, benefiting from being a popular stop-over for long haul flights to Australia.  "We have a very strong tourist industry and hotel occupancy is always high.  This growth has attracted a lot of overseas investors due to Hong Kong's role as a gateway, providing financial and legal services for those investing into China."

What is interesting, however, is that a much high proportion of private wealth is managed by women compared to other countries.  "You will clearly see here that private banking is rule by women.  The heads of private banking at HSBC and UBS are women.  And there are many many more powerful women in the banking industry."

Heer thinks this is down to people's attitudes in Hong Kong.  "Everybody wants to succeed.  We had SARS in 2003 and the Asian meltdown in 1997-98, and there was such determination in the region to pull out of the downturn.  It was quite amazing.

"There is also no jealousy.  Rather than being jealous of your financial success, people look on you as an idol here and not a competitor."  This outlook spans the gender gap, making it as possible for women to succeed in business as much as men.

Such is the case even in traditional family businesses.  Heer continues: "It's very often the case that the business itself is run by a son while the private financial investment is managed by the daughter.  Women are very much involved in finance here."

After nearly 20 years working in the Hong Kong private banking industry, Esther Heer is an authoritative commentator.  She has her Swiss banking background to compare the industry to, and a network of serious movers and shakers in Hong Kong that back up her words.

She began her banking career in 1980 in Zurich with Handels Bank NW, a subsidiary of NatWest bank at the time.  Her first job was working in the Foreign Stock Exchange department, and her earliest memories there were that banking was male dominated and aggressive.

"One time, I had to give the head of private banking the list of execution and purchases," she remembers, "and I couldn't pronounce one of the names.  I remember him screaming at me 'What are you doing!'  But that's how it was."

She transferred into private banking a year later, although things weren't exactly easy.  Following some changes in the office, Heer was left without a manager and literally thrown into the deep end of the private banking world from day one.

"There is also no jealousy here. Rather than being jealous of your financial success, people look on you as an idol here and not a competitor"

When her husband was transferred to Hong Kong in the late 80s, Esther took another career leap and went with him.  But, even looking at Switzerland now, she believes much has remained unchanged in the industry. "Switzerland's private banking is very much driven by men, with mostly men in the boardroom.  I am totally convinced that I would not have had the same opportunities in Europe as I have been given here."

In truth, Heer created her own opportunities there at first.  She began working in Coutts & Co's Hong Kong office, which was little more than a desk and chair at the time, and offered to work part time at NatWest in their trade finance department.  "I knew that behind every business was a private individual, which encouraged me to make hundreds of calls," she says.  Thanks to these calls, perseverance and passion, Heer transformed the job into a thriving business.

Next, she turned her attention to the Hong Kong social scene both for potential clients and for friends. She got involved in the city museum and was invited to become a member of the exclusive Santer Club, a club that remains Hong Kong's most elite club even today, with 50 ultra high profile women coming together from all different professions.

In her view, women's strengths in Hong Kong lie in their ability to be upfront.  "When there is an issue to address, or a difficult decision to make, women do not fuss around.  They are much more straightforward than men in communicating," Heer comments.

It certainly seems to have worked in her case.  She now heads up a team of almost 60 private bankers spanning China, Taiwan, Hong Kong and the Philippines, and has been able to create a team with one of the best staff retention records in Hong Kong.  No mean feat in an industry plagued by poaching. 

"When I first came to Hong Kong, I was very driven by bringing in clients.  Now I really love to build the team and coach and mentor my people to help establish them in our industry.  I'm very proud of our track record with staff." 

But Hong Kong's market is steaming ahead and only time will tell whether her great track record in staff retention remains intact.  If trouble does arise, however, Heer will be sure to face it front on, incorporating a female trait she believes so strongly in, to 'not fuss around'.