UBS’ Asia Pacific wealth management unit logged record financial results for full-year 2017.
The Zurich based bank saw invested assets in the Asian region grow by $95 billion to $382.8 billion in 2017, an increase of 28 percent year-over-year and the strongest growth since 2010. Net new money also spiked in Asia Pacific reaching $28.9 billion, an increase of 37 percent on the previous year.
Last year UBS launched a new operating platform for its private bank in Hong Kong and Singapore. Asia was the last major puzzle piece in the Swiss bank's 1 billion Swiss franc infrastructure project. The technology upgrade is meant to make private bankers respond to clients faster.
The number of client advisors at UBS in the region remained relatively flat, the bank added just nine more private bankers in the region in the last quarter, bringing the total to 1,037. «Asia Pacific is a key driver for the global economy as well as our business,» said Edmund Koh, head UBS wealth management Asia Pacific in a statement.
