Growing riches across Asia and emerging markets underpinned second-quarter results from Swiss bank UBS.
Net new money from ultra-high net worth clients in Asia Pacific (APAC) was notably strong in the quarter, with UBS harvesting some 9.6 billion Swiss francs, an increase of more than 12 percent on the previous quarter.
The bank has recorded a slight fall in the number of client advisors in APAC, which is reported as 1,008 in the second quarter. This compares to 1,025 at the end of quarter one.
China Rises
UBS has high hopes for the greater China region, which the Swiss bank expects will contribute over 60 percent of overall wealth created in the next three years.
Earlier this month, the bank won a key backing for its asset management business to target China's wealthy when it became the first Qualified Domestic Limited Partner (QDLP) license-holder to receive an additional license to manage private funds in China.
Organisational Moves
The Zurich headquartered bank also recently announced organisational changes to its wealth management and ultra-high net worth business in Asia.
Amy Lo was appointed chairwoman and head of UBS's private bank in greater China as well as country head for UBS Hong Kong, while former Deutsche Bank regional wealth head, Ravi Raju is taking on the role of global head for ultra-high net worth clients in Asia.
