UBS Wealth Management
One bank has demonstrated time and again that not only does it have this deep understanding of the wealth management business in Hong Kong, but that it has been able to translate that understanding into an enviable client base. UBS Wealth Management, the winner of the award for Best Private Bank – Hong Kong for the third consecutive year, has proved its pre-eminence across many criteria.
Outside of Switzerland, the private bank’s highest penetration rate is in Hong Kong. Asia is a consequential segment of the bank’s global wealth management franchise, not just based on its substantial contribution to global profit before tax but perhaps more pertinently because it was responsible for the lion’s share of global net new money in 2014. Hong Kong is without doubt the engine driving this impetus as the majority of UBS Wealth Management’s growth in client assets and profit before tax in Asia came from Hong Kong in 2014. At the time of the submission for the award, revenues from Hong Kong were up in the high teens as a percentage of the previous year and the bank employed over 1,000 wealth management staff with more than 400 client advisors; 100 of whom had been recruited in 2014 alone.Not resting on its laurels, considerable as they may be, the bank continues to promote its brand in Hong Kong – whether by actively mining new territories and subsections of the market where it may expand its footprint or by sponsoring marquee events in the city such as Art Basel.
This demonstrable dedication to, and dominance of, the wealth management industry in Hong Kong, confirms UBS Wealth Management as the deserved winner of the award for Best Private Bank – Hong Kong in 2014.