Q1: How did the business perform in 2025, and what drove its growth over the past year? How has the cost-income ratio trended this year, and what were the key factors influencing it? Looking ahead, what are your main priorities and strategic plans for 2026?

In 2025, UBS Global Wealth Management Asia Pacific (GWM APAC) delivered robust growth as reflected in our Q3 results. GWM APAC continues to be a key growth engine and core contributor to both our region’s and group’s business. 

As of September, we surpassed a significant milestone — over US$1 trillion in invested assets in Asia Pacific for the first time, with GWM contributing US$816 billion. Our net new assets in GWM APAC reached a record high of US$37.9 billion, maintaining the region’s leading position with a 20% growth rate. These results are a clear testament to the trust and confidence our clients place in us. 

We also delivered an improvement in the cost-income ratio, decreasing to 59.4% from 69.4%. This was driven by robust revenue growth and disciplined cost management, which was achieved through integration synergies and enhanced efficiency. Looking ahead, our continued investments in digital transformation will further enhance efficiency, improve scalability, and elevate the client experience, ensuring that GWM APAC remains well-positioned for sustainable growth and operational excellence.

Q2: With regulatory scrutiny and compliance requirements intensifying across the wealth industry, what updates can you share on how your firm is strengthening governance and compliance frameworks? How are you proactively managing risks while ensuring a seamless experience for clients?

We are deeply committed to upholding the highest standards of governance and compliance, with risk management at the core of everything we do. We consistently monitor the evolving regulatory framework and address changes diligently by remaining accountable and reliable. 

We have fostered a risk-aware culture at UBS, motivating front, middle and back-office colleagues to adopt a proactive and structured approach with an emphasis on early identification and mitigation of risks. Team heads coordinate with client advisors to regularly review exposures, identify gaps, and embed implementation standards to ensure oversight and accountability. Together with targeted training for front and back-office teams, we effectively manage risks while ensuring our clients continue to enjoy a seamless, secure and trusted banking experience across Asia.

Q3: The private banking industry saw a plethora of leadership and structural changes in 2025. Looking into 2026, what are your key priorities for attracting and retaining talent across the front, middle, and back office? Are there plans for new hires in key markets?

Talent is at the heart of our success. In 2025, we strengthened our leadership benches with market team head appointments across the region. Our APAC headcount has stabilised following the integration, achieving new heights of productivity and efficiency. Looking ahead to 2026, we will continue to expand team capacity and hire strategically in APAC to ensure we unlock the many growth opportunities ahead.

Internally, we invest in continuous learning and provide clear career pathways. We continue to offer regular upskilling training to all colleagues, with a particular focus on AI and digital assets. Initiatives such as the rotation programme and internal hiring allow talent to move across business units, gaining valuable one-bank experience and supporting our clients’ needs for integrated solutions. These efforts, combined with leadership development and recognition pathways, help us attract, develop, and retain top talent, ensuring our clients benefit from consistent, high-touch service supported by robust infrastructure.