UBS woos Asia's richest amid incredible wealth spurt
Wealth managed for clients with at least 50 million Swiss francs ($51 million) of assets will grow annually by about 10% to 20% in the region over the next three to five years, Carlo Grigioni, vice chairman of wealth management at UBS in Singapore, said.
“If you look at what happened in Asia over the last 20 years, there’s incredible wealth creation so this is probably going to become a very important piece of segment,” Grigioni said. “That’s why we have brought the wealth management business and the investment bank closer.”
The number of ultra-rich Asians climbed 37% in 2009, about double the global pace, according to Capgemini SA and Merrill Lynch Wealth Management, as the region led the global economic recovery. UBS will add advisers in Asia to match the growth of its richest customers, Grigioni said.
UBS, Switzerland’s largest bank, manages 300 billion Swiss francs globally on behalf of the ultra rich. About a third of its 1,000 client advisers in the Asia-Pacific region cater to these clients, drawing on UBS’s investment banking resources.
The bank, the world’s second-largest wealth manager in 2009 after Bank of America Corp, employs 480 client advisers dedicated to its ultra-rich clients, according to Grigioni. They each manage an average of $450 million and the bank is looking to increase that figure to $500
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