UBS Optimus Foundation has established its first office in the city-state to expand its philanthropic offerings to clients in Asia.
The launch of the latest philanthropy channel takes the total number of outlets globally to seven with Asia now represented by Singapore, Beijing, and Hong Kong. The new office will engage clients on activities related to health, education, and the protection of their children. It will also put forward sustainable and environmental causes.
Established in December 1999 by UBS, the UBS Optimus Foundation is an independent grant-making foundation. UBS estimates that approximately 40% of its grant making is in the Asia-Pacific region.
Philanthropy and sustainable investing are an increasing focus of our clients in the region"
"Philanthropy and sustainable investing are an increasing focus of our clients in the region, many of whom are seeking investment opportunities in sectors including healthcare, oncology, and affordable education," saidAugust Hatecke, co-head of UBS Wealth Management Asia-Pacific and the country head of UBS Singapore in a statement.
To mark the launch of the new office, UBS employees in Singapore raised a sum exceeding S$100,000 which, together with matching contributions from UBS, will fund the foundation's first program in Singapore.
"We expect unprecedented amounts of wealth in Asia to be transferred across generations over the next 20 years. This will be a significant boost on philanthropy as many entrepreneurs are committed to using their wealth to create a legacy that has a positive social impact," saidDesmond Kuek, chairman of the UBS Optimus Foundation Singapore.
According to Hatecke 64% of family offices in the region are expected to increase sustainable investments in 2020.