Awards for Distinction 2014 – Taiwan Domestic


AFD2014_Best Private Bank - Taiwan Domestic

UBS Wealth Management

Dennis Chen, Head of Wealth Management UBS Taiwan

Dennis Chen Head of Wealth Management UBS Taiwan

‎‎For any private bank wishing to establish a credible Asian footprint, Taiwan continues to be a crucial onshore market for numerous reasons. An instinctively entrepreneurial populace and an economy growing between 3 to 5% annually, coupled with the resultant increase in both high net worth individual population and absolute wealth, have put Taiwan firmly at the top of the priority markets for many private banks.

Continued capital account liberalisation, resulting in many tangible benefits for the wealth management industry, as well as a regulatory commitment to widening the scope of products and services available to Taiwanese millionaires, has only piqued this interest. The availability of onshore products, such as leveraged and inverse ETFs, and the expedition of mutual funds approvals, which is expected to further fuel investor demand, are milestones for the country’s wealth management industry.

UBS Wealth Management is at the forefront of delivering on regulatory reforms to its clients via timely innovation, resulting in unique products. Far from merely enjoying the benefits of liberalised Taiwanese regulations, UBS Wealth Management is actively contributing to it. For instance, after seeing an increase in inquiries from clients to build a core portfolio around customised discretionary mandates, fulfilling liquidity needs in 2013, the Swiss bank lobbied and collaborated with the Financial Supervisory Commission (FSC) to find ways to meet this demand. Collaboration between UBS and the FSC eventually bore fruit and, by October, discretionary portfolio management on the non-special purpose monetary trust platform was a fully-fledged offering.

Its reputation as a pioneer extends beyond product innovations, and UBS Wealth Management ‎is acknowledged as an industry leader in Taiwan by quantitative metrics as well. From a considerable base, assets under management (AUM) continue to grow at a very healthy pace. During the same time period, frontline staff increased by 14%, allowing increased productivity, as each relationship manager on the bank’s platform logged an increase of 18% to 20% in assets in 2014. Also telling of the Swiss bank’s authority, is the fact that 60% of AUM growth was derived from existing accounts – strong testimony to the private bank’s success in the one area that matters most: continued retention of client trust.

A true pioneer of onshore private banking in Taiwan, as well as one of the fastest-growing wealth managers in the region in 2014, UBS Wealth Management has proved itself as the clear winner of the award for Best Private Bank – Taiwan Domestic.