UBS Wealth Management
While Taiwan’s onshore private banking market poses a substantial opportunity, especially with Taiwan’s continuing liberalisation of its financial markets as it bids to join Hong Kong and Singapore as one of Asia’s wealth management hubs, there are still regulatory barriers of entry for players wishing to offer a fully-fledged global offering. This has not proven to be an obstacle to UBS Wealth Management, which has more than amply shown its mettle toward pioneering onshore private banking innovation in Taiwan.
In 2015, UBS first launched in Taiwan a new flagship offering, UBS Advice, a systematic advisory platform that seamlessly matches the bank’s product and market research with a client’s investor profile. It was impressive as much for its ability to merge investment and technological know-how to leverage from economies of scale, and distribute advice across its army of client advisers, as for the manner in which it was launched. Typically, a bank would make an application to regulators and then wait for approval. Such was UBS’ commitment and ambition however, that it made its application and drove discussions with Taiwan’s regulatory Financial Supervisory Commission (FSC) on not just the platform’s approval process, but also how UBS Advice could be tweaked to work better in and for Taiwan’s financial markets.
But being a pioneer in Taiwan’s onshore market is no unfamiliar feat for the bank. In 2013, UBS became the first player to launch non-trust discretionary mandates. The bank continues to roll out new discretionary offerings locally while simultaneously leveraging on ongoing loosening of constraints to access foreign markets and distribute a greater diversity of products.
The bank’s tendency to constantly be on the fringe of private banking innovations in Taiwan and ambitions to raise the local bar has helped it further acquire new assets – UBS doubled its assets under management there between 2011 and 2014 by 30% CAGR. This significantly outpaced the growth of bankers (12% CAGR in the same period), which reflected strong frontline productivity.
UBS Wealth Management’s pioneering status in Taiwan, coupled with a proven track record toward quality expansion, means that it is most deservedly the winner of 2015’s Asian Private Banker Best Private Bank – Taiwan Domestic Award.