BEST PRIVATE BANK – TAIWAN DOMESTIC
Foreign banks, by their very nature, face a more challenging competitive environment when operating in onshore markets. Differences in regulations, platform needs and operational nuances can create significant headwinds for foreign institutions when competing against local incumbents who typically enjoy natural home market advantages, including sizeable branch networks.
In Taiwan, UBS Wealth Management has proven itself to be an exception to the rule. But rather than riding the wave of popular local market trends, the bank’s offering remains consistent with its global proposition. Uncompromisingly espousing its belief in global diversification and portfolio-centric investing, UBS has gone against the tide of Taiwan’s popular but risky brokerage-oriented market. Such risks were well-illustrated by troubles that beset widely distributed target redemption forward contracts linked to the yuan, which UBS did not participate in.
From traditional portfolio management best practices to innovative fintech advisory solutions, UBS has established itself as a trailblazer of local Taiwanese wealth management, driving the market’s transition from active client-directed trading to professionally managed globally diversified portfolios. This year, it made the bold move to further expand its onshore business to include the mass high net worth segment with its “smart wealth” offering, which has received stellar client reception.
“The award recognises the tireless work of the team in providing market-leading advice to clients,” says Dennis Chen, group managing director, Taiwan country head, UBS Wealth Management. “We are not complacent and will continue to enhance products and services to protect and grow our clients’ wealth over generations.”
Very rarely do foreign players beat their local counterparts in onshore wealth management markets; but UBS has not only outperformed Taiwan peers for the third consecutive year, but has also established itself as an industry pioneer.
UBS is Asian Private Banker’s Best Private Bank – Taiwan Domestic in 2016.