Swiss-based Union Bancaire Privee appointed a veteran banker as its new Vice Chair Asia. finews.asia reported this move already a few months ago.
Now it is official: Based in Hong Kong, Alfred Tsai (pictured left) will report locally to Eric Morin, Head of North Asia and Hong Kong Branch Chief Executive of Union Bancaire Privee (UBP), and regionally to Michael Blake, Head of Region & CEO Asia, according to a media release on Wednesday. As finews.asia reported earlier, Tsai was most recently head of the China market for BNP Paribas Wealth Management.
An industry veteran with in-depth knowledge of Asia, he has held senior management positions at investment and private banks including Citibank, UBS, Credit Suisse, Merrill Lynch and Julius Baer.
Major Milestone
His arrival marks a major milestone in UBP Hong Kong’s ongoing development and will complement the successes the branch has already achieved these last two years with double-digit growth on North Asia.
The region is a vital growth market and a major contributor to UBP’s business development strategy, particularly as the accumulation of private wealth has made China the second-largest wealth management market in the world.
Combining Wealth and Asset Management
This hire also shows that UBP remains committed to continuing to grow its activities in Asia, both for private and for institutional clients.
Indeed, UBP has an integrated model combining wealth and asset management, not only in Asia but worldwide. Today assets under management at UBP in Asia represent more than 20 billion Swiss francs, of which 7 billion Swiss francs in Asset Management.
