Best Private Bank Hong Kong
UBS
Best Private Bank – Hong Kong
Adeline Chien
head of Wealth Management Hong Kong Domestic and South East Asia Hong Kong, UBS Global Wealth Management
“This award recognises and reflects the strength of our talent and platform, as well as our passion, perseverance and resilience to deliver the best solutions and service for clients through times of uncertainty.
I am proud of our team’s dedication and commitment. We will continue to reinforce our leading position as a trusted advisor, and help clients succeed in an increasingly complex world.”
Winners rationale
In the midst of challenging market conditions in 2020, UBS Global Wealth Management delivered a strong and resilient performance in Hong Kong, pioneering the way of developing robust and sustainable product offerings for the city’s wealthy clients.
In an unprecedented year when face to face client engagement and team meetings became more difficult, UBS Global Wealth Management displayed swiftness and nimbleness. Through building on its strength and momentum via enhanced digital platforms, the digital banking client penetration ratio trended up to an impressive 82% in Hong Kong as of October 2020, and online equity transactions as a portion of the total transactions stood at about 70%, up by six times from a year ago. On the client engagement front, the bank stayed close to clients via over 120 webinars and virtual events in Greater China. Worth noting, UBS hosted the first virtual UBS Disruption Technology CEO Summit last year from Hong Kong, seeing a record high of over 5,000 participants.
In a volatile environment where COVID-19 developments, US elections and trade tensions brought a great deal of uncertainty, UBS Global Wealth Management remained relevant to clients, advising them to build resilient portfolios through best-in-class products and unique solutions. The bank was one of the first to launch non-directional structured products in the region. Allowing clients to benefit from market volatility, those market neutral strategies resonated well among HNWIs clients in the city throughout the year.
UBS Global Wealth Management in 2020 grew its core sustainable investment (SI) assets and book penetration, as SI remained a focus for the bank. UBS was the first bank to launch 100% sustainable cross-asset portfolios, and APAC clients showed strong interest with assets under management in APAC exceeding US$2.8 billion as of end of 2020.
UBS Global Wealth Management effort and commitment to its Hong Kong business was reflected in its strong earnings performance. The bank’s net revenue went up by 19% YoY in 2020, and transactional revenue was up 71% as of October 2020.
UBS Global Wealth Management is Asian Private Banker’s Best Private Bank – Hong Kong for 2020.
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