Swiss bank UBS aims to increase the assets under management of its ultra-high net worth business in Asia-Pacific by 10 to 20 percent from the current $90 billion in three to five years, the head of the Asian business said on July 07.
UBS plans to achieve the goal by actively recruiting top bankers to further strengthen services in its wealth management business in the world's fastest-growing region for millionaires, said Amy Lo, head of ultra-high net worth business at UBS Wealth Management Asia Pacific.
The plan to expand the staff of private bankers in the region to 1,200 from current 900 within two to three years will not be affected by calls from the company's head of wealth management to cut costs. "We'll continue to hire. Asia is still a growing region that we'll put resources into, and strategically we are looking for good bankers, quality bankers to help us grow the market," Lo told Reuters in an interview.
Asked about a newspaper report on Wednesday quoting Juerg Zeltner, head of UBS wealth management, as saying UBS needs to rein in costs amid tough market conditions, Lo said the Asia-Pacific part of the business was a growing region and the company would continue to hire quality staff in the region.
Lo, appointed head of the Asia-Pacific business in January, has 20 years experience in wealth management. UBS's ultra-high net worth segment serves individuals who hold investible assets of more than $50 million.
It manages a total of $300 billion in assets for such ultra-rich clients outside the United States. Of that about $90 billion is for Asian clients.
UBS is looking to boost its assets in the Asia-Pacific. "We target around 10 to 20 percent growth in the next three to five years," Lo said.
"That's also the reason why we have to look ahead in addition to our organic growth so we will continue with this kind of strategic hiring of senior bankers in the region in order to meet this kind of growth," she said.