UBS' invested assets at its wealth management division in Asia-Pacific hit $405bn in the first quarter of 2019, said the world's largest private bank.
UBS further saw strong growth with record net new money inflows of $16.3bn in the first quarter of the year, almost triple the $6.3bn during the same period in 2018. UBS wants to use this momentum to push forward in the region as it plans to reinforce its leading position by targeting China, Japan and Taiwan, along with its regional management centers in Singapore and Hong Kong.
According to the 2018 UBS PwC Billionaire report, the Asia Pacific region has 814 billionaires, or 38% of the world's total. The region's billionaires tend to be wealthier than their US counterparts, presenting an opportunity for the wealth management sector, adds the report.
The market volatility and the out-performance of managed solutions are driving the adoption of investment mandates among UBS private clients"
"The market volatility and the out-performance of managed solutions are driving the adoption of investment mandates among UBS private clients," Amy Lo, Co-Head of UBS Global Wealth Management APAC said. She also pointed to UBS advice to hold steady during the difficult first days of this year, adding, "Our global CIO call in early 2019 to stay invested and diversified with an overweight position in equities proved to be the right one, with strong performance for the year so far."
August Hatecke, Co-Head of UBS Global Wealth Management APAC, added:"Entrepreneurs, in particular, are becoming more focused on sustainability because they have found that these investments can generate equal or superior investment returns when compared to traditional investments."
UBS Wealth Management Asia Pacific has more than 1,000 client advisers in a dozen regional wealth management offices in 10 locations, along with three UBS Securities trading outlets in China belonging to UBS Securities. In 2018, UBS AG became the first foreign bank to increase its stake to a majority 51% in its China securities joint venture, UBS Securities.
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