UBS Wealth Management
The contenders for the Asian Private Banker Best Private Bank – Hong Kong Award are the pre-eminent banks in our industry. All of them have demonstrated a lasting commitment to Asia, in particular Hong Kong, and each of them has a solid understanding of the specificities of doing business in the region.
UBS Wealth Management has demonstrated that not only does it have this deep understanding of the wealth management market in Hong Kong but that it has been able to leverage that understanding to create an enviable network. Hong Kong accounts for as much as 50% of the US$233 billion of the bank’s Asian AUM as well as 50% of its net new money inflow over the last year. Indeed, outside of Switzerland, the private bank’s highest penetration rate is in the Hong Kong market. The first Swiss bank to establish its Asian hub in Hong Kong in 1964, UBS has dedicated more than half its staff to its wealth management business with more than 750 frontline wealth management staff, 350 client advisors and 125 product specialists.
A commitment to Hong Kong at the most senior levels of the bank is apparent in Allen Lo, Chief Executive Officer of Wealth Management Hong Kong’s position as Chairman of the industry’s first Wealth Management Association.
Although the quantum and diversity of wealth in Hong Kong lends itself to large private banking set-ups, the costs of doing business in one of the world’s leading financial centres are correspondingly high. Despite this, UBS Wealth Management has been able to harness efficiencies so that its Hong Kong franchise is not only large but perhaps more importantly, profitable. Jean-Claude Humair, Regional Market Manager for Hong Kong says: “With the exception of Switzerland, Hong Kong is probably the most profitable piece of our wealth management franchise.”
Its proven dedication to, and dominance of, the wealth management market in Hong Kong makes UBS Wealth Management the deserved winner of this year’s Asian Private Banker Best Private Bank – Hong Kong award.