Singapore: UBS AG, Switzerland's largest bank, is putting more focus on its richest clients in Asia and bringing its investment bankers closer to asset managers to meet their demands.
Wealth managed for clients with at least 50 million Swiss francs (Dh190 million) of assets will grow annually by about 10 per cent to 20 per cent in the region over the next three to five years, Carlo Grigioni, vice chairman of wealth management at UBS in Singapore, said in a September 28 interview.
"If you look at what happened in Asia over the last 20 years, there's incredible wealth creation so this is probably going to become a very, very important piece of segment," Grigioni said.
"That's why we have brought the wealth management business and the investment bank closer."
The number of ultra-rich Asians climbed 37 per cent in 2009, about double the global pace, according to Capgemini SA and Merrill Lynch Wealth Management, as the region led the global economic recovery. UBS will add advisers in Asia to match the growth of its richest customers, Grigioni said.
UBS manages 300 billion Swiss francs globally on behalf of its ultra-rich clients.
About a third of its 1,000 client advisers in the Asia-Pacific region cater to these clients, drawing on UBS's investment banking resources.
