BEST PRIVATE BANK TAIWAN DOMESTIC
UBS
BEST PRIVATE BANK – TAIWAN DOMESTIC
Dennis Chen
Country Head and Head of UBS Wealth Management, Taiwan
“It is a testament to the unremitting efforts of every member of the UBS Wealth Management Taiwan team that we have been named ‘Best Private Bank – Taiwan Domestic’ by Asian Private Banker for the fourth consecutive year.
Over the years, we have gradually built up trust locally among our clients. Today, around 250 employees provide best-in-class products and services to thousands of clients, be they high-net worth individuals or Taiwan-based companies.
While this was a long and remarkable journey, we still have much to do and to improve. Working hand-in-hand with Taiwanese regulators, we will continue to challenge ourselves, push the boundaries, and deliver our ultimate commitment of ‘client first’ by bringing the best global knowledge and resources that UBS can offer to Taiwan.”
Winners rationale
Such is UBS Wealth Management’s stature in the Taiwanese market, that while competitors are content to service the needs of the island’s international clients in Hong Kong and Singapore, UBS has already made significant inroads in a domestic market with a robust onshore presence and forward-thinking approach.
Its accomplishments in 2017 were in no small part due to strategic initiatives rolled out in 2016.
For the broader HNW wealth market, UBS launched its “Smart Wealth” offering that delivers tailored advisory services via fintech solutions to its clients. The success of this platform is manifest in the fact that over 500 clients have followed more than 80% of the wealth manager’s advice with solid investment performance.
For its larger clients, UBS established a “Great Wealth” segment to manage complex client solutions. These include cross-division collaborations with its powerful investment bank and asset management firm, enhanced by the establishment of a local vice chairman office that combines the experience of seniority with technical know-how.
While the more mature market of Taiwan may not boast the stellar growth in the high net worth individual (“HNWI”) segment compared to its younger regional counterparts, UBS Wealth Management Taiwan Domestic proved that it could remain nimble, despite its size, to rapidly adapt to new market conditions by improving its business efficiency via technological innovations and tapping new opportunities by realizing internal synergies based on tested models.
The result is a consistent double digit CAGR growth of its revenue and AUM, respectively, and a leading position across segments locally. Asian Private Banker recognizes UBS Wealth Management, for the fourth consecutive year, as the Best Private Bank – Taiwan Domestic.
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