“We achieved a key milestone and saw continued strong growth, with a record adjusted profit-before-tax growth in excess of 30% year-on-year, to CHF263m,” Edmund Koh, the firm’s head of Apac, said in the statement.
Koh said that the firm planned to consolidate its growth in the region by sharpening its focus on China, Japan and Taiwan, as well as strengthening its regional wealth management hubs in Hong Kong and Singapore.
Apac is of high importance compared to other areas in which the firm invests. Investments in the region is significantly higher than in Switzerland (CHF186bn) and in emerging markets (CHF152bn), according to the firm’s financial results for the first quarter. Investments in Europe (ex-Switzerland) remain larger than in Asia, at around CHF371bn.
The firm said in the statement that Asia is one of the most important sources of new business opportunities for UBS globally. Over the last year, UBS opened a branch in Shanghai and another in Kowloon – the first branch in Hong Kong outside the central business district.
Asia is a key region for business for UBS Wealth in terms of new money. According to its quarterly report, it is the market that sourced the second-highest amount of net new money during the quarter.
|
|
Europe (ex-Switzerland) |
Asia-Pacific |
Switzerland |
Emerging markets |
|
Net new money (CHF bn) |
10.5 |
5.8 |
0.7 |
2.1 |
|
Net new money growth (%) |
11.9 |
7.9 |
1.6 |
5.6 |
|
Invested assets |
371 |
311 |
186 |
152 |
|
Client advisors (full-time equivalents) |
1,298 |
1,025 |
747 |
672 |
Source: UBS Wealth Management
Many of the firm’s Asian wealth management clients are entrepreneurs, who require a global bank with not only wealth management services but also the capabilities to advise on and execute complex corporate transactions, according to the statement.
The firm is also expecting the first handover of wealth in Asia. Around 460 billionaires in the markets the firm covers are expected to pass $2.1trn to the next generation in the next 20 years.
