The firm’s new office will be located in the Tsim Sha Tsui district, across the harbour from Central, where UBS has its main office.
UBS intends to serve clients on the Kowloon side of Hong Kong who have investable assets of $5m-$25m. The office opening is planned for the first quarter 2016 and will employ roughly 50 people, according to a report in the Hong Kong Standard.
The firm cited Hong Kong’s deepening ties with mainland markets as a reason for the expansion. Aside from the Stock Connect programme, Hong Kong’s exchange is also expected to link with the Shenzhen market this year.
The mutual fund recognition initiative, which will allow cross-border fund distribution, is set to launch on July 1.
“It’s worth putting more resources here,” Amy Lo, who heads UBS Wealth Management in Greater China, was quoted as saying in the report.
“UBS is looking to raise its penetration with people with over US$1 million in bankable assets from a single to double- digit percentage,” the report said.
“Around 20 percent of such people, or 20,000, are entrepreneurs that live in Kowloon and the New Territories, according to UBS.”
