Switzerland’s largest bank and Asia’s biggest wealth manager, UBS, can once again thank its APAC business for the strongest influx of net new assets.
The Asian Wealth Management units attracted net new money of 6.8 billion Swiss francs, however outflows in emerging markets and Europe following the Brexit vote, diluted the strong Asian contribution.
Client Advisors UBS v Credit Suisse
The overall number of client advisors at UBS decreased by 77, mainly related to the exit from the Australian domestic business, which was completed during the second quarter of 2016.
As finews.asia reported the former UBS employees in Australia founded a new domestic oriented firm «Crestone» Excluding this, the number of client advisors was slightly up in Asia Pacific.
Speaking from Zurich yesterday Helman Sitohang, CEO of Credit Suisse in APAC stressed that they had been hiring aggressively and had added 30 Relationship Managers (RM's) to the banks Asian Private Banking business during the second quarter.
