UBS Wealth Management
Hong Kong is a veritable battlefield for private banks and home to some of the finest talent and ideas in the industry. To succeed in Hong Kong – arguably the crown jewel among wealth management markets in the region – a private bank must offer globally-accepted best practices, cutting-edge innovation in product and services, and a solid understanding of the specificities of doing business here.
The winner of the award for Best Private Bank – Hong Kong for four consecutive years, UBS Wealth Management has demonstrated time and again that not only does it possess deep understanding of the wealth management business in Hong Kong, it has also very successfully transitioned this into an enviable client base. Outside of Switzerland, the bank’s highest penetration rate lies in Hong Kong – about 10% of the market in the relevant wealth segment. Hong Kong is without doubt the engine driving this impetus.
UBS was the first Swiss bank to establish its Asian hub in Hong Kong in 1964. At the time of submissions for this award, it employed some 1,000 wealth management staff in Hong Kong. Over the last five years that the bank has pitched for the award, Hong Kong contributed over half of net new money in any given year for the region. This trend has continued unabated in 2015, when, despite weak markets, assets in Hong Kong grew almost by double-digits, no doubt driven by a deep and stable bench of senior management led by Jean-Claude Humair, regional market manager for Hong Kong since 2011.
Not resting on its laurels, considerable as they may be, the bank continues to promote its brand in Hong Kong with plans to open a Kowloon office by the end of the first quarter of 2016. It plans to have six desk heads and 35 client advisers have already been picked for this new office; they will work with Kowloon office head Adeline Chien.
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 2015.