UBS Wealth Management has vowed to double the number of staff in its new Hong Kong headquarters office by the end of 2016,
The new office, which only opened for business yesterday, is UBS WM’s first outside Hong Kong’s central business district and is based at One Peking Road in Kowloon. From it UBS WM said that it will offer wealth management services to entrepreneurs and other clients in Kowloon and the New Territories.
And with the company in the middle of a major recruitment drive it said that it expects to double its current wealth management staff, of about 50, up to 100-strong by the end of the year.
A company statement said that in anticipation it has already leased a further floor of the new premises, which will have a total gross floor area of 36,000 sq. ft.
“This is another milestone for us in Greater China after the opening of the Shanghai branch last month,” said Edmund Koh, head of wealth management, Asia Pacific at UBS WM.
“The Kowloon office will be a platform from which we can better serve the domestic market particularly the first and second-generation entrepreneurs who have always been a key client segment for us.
UBS Wealth Management is the largest wealth manager in Asia Pacific with US$ 272bn under management as of 31 December 2015. Hong Kong is one of the most important regional hubs for its wealth management business, with around 400 client advisors.