Although UBS chief Sergio Ermotti acknowledges greater growth headwinds for China and the broader Asia, he remains confident in the region's wealth creation story.
«No. We haven’t seen that yet,» Sergio Ermotti said in an interview with «Bloomberg,» responding to a question on whether any capital outflow in Hong Kong from any client had been observed. «We saw clients thinking about contingency planning. But to be honest, so far we haven’t seen any outflows or any major movements.»
Although the UBS boss acknowledged greater growth headwinds for China and the broader Asia, he remained confident in the region's wealth creation story. He highlighted that whilst the bank’s client asset base has grown slower as a percentage, the absolute size and quality should be the major focus given the scale achieved by Asia's largest wealth manager.
Hong Kong Human Rights and Democracy Act
Remaining on the topic of Hong Kong, Ermotti was reluctant to provide any position on the potential signing of the Hong Kong Human Rights and Democracy Act by President Donald Trump, which recently passed by the Senate, but noted that any escalation would not be constructive for other discussions.
«Well, we’ll see what’s the final decision of the president will be,» he said. «At the end of the day, it’s between the politicians to sort out how they want to address those issues.»
