Q1: Private banks in Asia have faced a number of challenges in 2024, from uncertainty around interest rate cuts in the US to volatile markets and geopolitical tensions. Considering this background, how did you safeguard AUM and revenue streams in 2024, while also attracting net new assets? What will your strategy be in 2025?

Despite the challenging market environment, we managed to achieve US$24 billion in net new assets (NNA) in APAC in the first nine months of 2024, which accounts for around 30% of global NNA. One important thing is we have been staying close to clients throughout the year, to help them navigate market uncertainty and volatility amid geopolitics and elections, with regular and timely updates on market views, and bespoke solutions to capture market opportunities. In particular, we have initiated discussions with clients on positioning for a gold rally in the first half of 2024, which has achieved satisfactory returns. On top of that, we have observed increasing interest in alternatives in recent years. In response to clients’ needs, we continue to expand our top-notch product shelf. Globally, we now manage US$250 billion of invested assets, with more than 500 business partnerships and offer over 1,000 solutions in alternatives.

The integration with Credit Suisse is complementary and has brought us expanded market access, scale and capabilities across APAC. UBS remains the largest wealth manager in APAC, and we continue to see huge growth potential in the region. With Hong Kong and Singapore as our core hubs in APAC, we will continue to strengthen our presence in established domestic markets such as Taiwan, Australia, Japan, and Switzerland, while realigning strategies for long-term strategic markets, particularly China and India.

Leveraging our multi-shoring offerings across Switzerland, the Middle East, and the US, our goal is to enhance our global connectivity and deliver a stronger and larger platform to our clients. This will enable us to capture cross-regional wealth both within and outside of APAC.

Q2: How are you advising clients in terms of investment opportunities in 2025? Which markets and asset classes will provide the best opportunities? And how can clients balance leveraging these opportunities while managing risks to their portfolios?

As we enter 2025, central banks are expected to cut interest rates further, sustaining healthy economic growth in the US and Asia. We believe clients should position for lower rates by investing in investment grade bonds, diversified fixed income strategies, and equity income strategies. Diversifying across regions and segments can enhance income. At the same time, there is more to go in equities. Despite concerns over tariffs, opportunities outside the US remain viable, particularly in Asia ex-Japan equities.

We also expect gold to gain and break new highs on lower rates, geopolitical risks and government debt issues. We continue to believe that AI is positioned to be the investment opportunity of the decade and encourage clients to seize and capitalise on the trend.

To better navigate markets in 2025, we recommend clients put cash to work, strengthen core investments, diversify with alternatives and optimise leverage.

Q3: The Middle East, in particular the United Arab Emirates, has come onto the radar of many private banks as clients increasingly seek global diversification. What potential opportunities do you see in the region for private wealth clients, as well as in the Middle East-to-Asia wealth corridor in general? How else are you adapting to clients’ increasing requirements for global services and offerings?

The Middle East-Asia corridor is strengthening as Asia grows in economic importance. With the Middle East pivoting towards a diversified economy, trade and cooperation are broadening to other areas such as technology and sustainability, where the Middle East forms joint ventures and strategic partnerships with Asian corporates to grow its non-oil economy.

Particularly in Hong Kong, we appreciate the government’s efforts and initiatives to promote business opportunities and strengthen the ties between Hong Kong and the UAE. I was glad to be part of the Hong Kong delegation visiting Saudi Arabia in October 2024, organised by the Financial Services Development Council.

As a leading financial institution in APAC and a key player in the Middle East, we connect clients across regions, supporting APAC clients relocating to the Middle East and assisting institutional investors with strategic deals by offering global market coverage. Our One Bank capabilities also provide access to both global and APAC investor pools, ensuring comprehensive support and value addition for clients in these regions.

Q4: Trillions of dollars of wealth are expected to be passed down to the next generation of clients in Asia over the coming years, bringing into the spotlight services targeted at next-generation clients. What is your bank doing to ensure it captures the full potential of this opportunity, whether via content, outreach, or solutions like family office and wealth planning?

According to our Global Wealth Report 2024, US$83 trillion is expected to be passed on globally within the next two decades. At UBS, we view such huge intergenerational wealth transfer as an opportunity. For over 20 years, we have been actively engaging with the next generation, a predominantly digital native population from influential families, to help them chart their own course with purpose and passion. To stay close to and address the needs of the next generation, we have enhanced our digital platforms, including UBS Digital Banking and UBS MyWay, and are offering new digital experiences via Circle One by UBS and WE.UBS in China.

We have developed educational and engagement programmes such as the UBS Leadership Excellence and Development Series (LEADS) and the UBS Global Rising Investors, designed to transform the next generation’s entrepreneurial, investment and social ambitions into enduring legacies. Through week-long financial education seminars, we offer a comprehensive learning journey in finance, wealth management and personal development alongside UBS experts and guest speakers.

The next generation also represents a unique segment, characterised by their strong desire to fulfil their passions and create a lasting impact for future generations. Our unparalleled One Bank offering connects young entrepreneurs to international investors through our One Bank solutions. Leveraging our global and regional connectivity, our platforms enable the next generation to create meaningful connections with like-minded peers, investors and strategic partners. This allows them to capture business growth opportunities at flagship events like the Disruptive Technology CEO Summit or become part of a network of philanthropists and experts worldwide through UBS Collectives, combining resources to drive philanthropic purposes or address global challenges that resonate with them.