UBS bullish on private banking

Despite the challenges of increased regulation and competition for talent, UBS remains optimistic about the prospects for its wealth management business in Asia-Pacific, says Kathryn Shih.
Praying to Hotei, the Chinese God of Wealth, is no longer enough. As wealth grows in Asia, more individuals are turning to professional advisers, UBS says.
Praying to Hotei, the Chinese God of Wealth, is no longer enough. As wealth grows in Asia, more individuals are turning to professional advisers, UBS says.

Wealth in Asia-Pacific ex-Japan will grow at 10.9% per annum over the next three years, faster than other high-growth wealth management regions such as the Middle East and Latin America, UBS estimates.

In light of this, all private banks have ambitious growth targets for their Asian wealth management businesses, including plans to double their assets under management and to significantly increase their headcount. UBS has set itself an aggressive target to grow at double the market growth, Kathryn Shih, chief executive officer of UBS wealth management for Asia-Pacific, said at a seminar arranged by the Swiss bank last week.

Many of Asia’s wealthy individuals are still...

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