Yet another sign that global private banks are pinning their expansions hopes on Asia. Jürg Zeltner, the chief executive of UBS Wealth Management, has told the South China Morning Post that he wants to grow the bank’s invested assets in Asia Pacific.
Under Zeltner’s plan, such assets will reach 20% or more of the bank’s global total in the “medium to long term”, up from 12.2% at the end of last year. UBS Wealth Management, which currently employs about 1,000 client relationship managers in Asia Pacific, was also looking to hire more staff, he added.
UBS faces a tough battle for talent in Asia as other private banks are looking to expand to take advantage of economic growth and the increasing number of high-net-worth individuals in the region. Coutts, for example, is also hiring.
Net new money flowing into UBS Wealth Management from clients in Asia Pacific went up by 9.3% in the final three months of 2012, which more than offset outflows from the firm’s European operations during the same quarter.
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