Forget the US bulge bracket – Australian private banks are the new kids on the block in Asia, and they’re hiring voraciously.

Macquarie Bank launched its Asian private wealth business in Singapore in March this year to target the booming regional market. National Australia Bank is also aggressively expanding in Asia, says Sicilia Lim, a senior consultant at recruiters Robert Walters.

Lim says the Australians and other new niche entrants – such as wealth managers LGT, Julius Baer and EFG Bank – are the big hirers in 2008. By comparison, major European and US banks are taking a “more cautious stance.”

Singapore’s appeal is clear. A recent Barclays Capital survey predicted Singapore’s private banking industry will grow more than 15% per annum over the next two years.

Joseph Poon, the new head of Macquarie Private Wealth Asia, said in a statement that Singapore is the perfect place to establish a private banking presence. “It’s the world’s fastest growing private banking and wealth management centre and in the future will be one of only two global private banking and wealth management hubs, the other being Switzerland.”

James Carss, a director at recruiters Hudson, says private banking salary levels in the city state are now only about 10% lower than Hong Kong. Base salaries at VP level average S$200k-$300k, adds Lim. “The most sought-after profile is the top producing banker – typically the senior individuals who can bring high net worth clients with them, and valuable business.”