Swiss private bank Union Bancaire Privée (UBP) has set up an asset management unit in Taiwan and also obtained the Securities Investment Consulting Enterprises licence from the Financial Supervisory Commission.
This enables UBP Asset Management Taiwan, the bank's new Taiwan subsidiary, to distribute Taiwan-registered funds to domestic investors as a master agent.
"We continued to invest in both our offering and our resources amid declining markets and a clear drop in client transaction volumes," UBP chief executive Guy de Picciotto said in a statement.
"The acquisitions of ACPI and Banque Carnegie will allow us to step up our growth in Europe, and the recruitment of new teams in Asia and the Middle East reflects our ambitions in those priority markets," he added.
UBP currently has eight Taiwan-domiciled funds, including the UBAM AJO US Equity Value fund, UBAM Corporate US Dollar Bond fund, and UBAM Europe Equity fund.
According to Ted Holland, UBP's chief executive officer for Asia asset management, the SICE licence "is a major milestone and achievement" for the company's strategy in the region.
"We are now fully set up with our own master agent business to service our institutional and intermediary clients in the Taiwan market," Holland, who is also chairman of UBP Taiwan, said in the statement.
He added having on-the-ground presence in Taiwan allows the company to accommodate the "growing need for more sophisticated investment solutions" and to expand its institutional business.
The expansion follows UBP reporting a net profit of CHF202.4m last year. The figure marks a 8% Y-o-Y drop from CHF220.4m.
Net inflows of assets were CHF7.3bn at the end of 2018. Assets under management totalled CHF126.8bn at the end of December 2018, a 1% rise from CHF125.3bn last year.