UBS Optimus Foundation has established its first office in the city-state to expand its philanthropic offerings to clients in Asia. This is the foundation's seventh office worldwide and third in Asia, after Hong Kong and Beijing.
UBS said the Singapore office will engage the bank's clients on philanthropic activities related to health, education and the protection of children, as well as sustainable and environmental causes. The foundation, which counts as one of the world's largest international donors in China, supports over 200 programs around the world that are worth more than 200 million Swiss francs (S$274.5 million).
«Philanthropy and sustainable investing are an increasing focus of our clients in the region, many of whom are seeking investment opportunities in sectors including healthcare, oncology, and affordable education,» said August Hatecke, co-head of UBS Wealth Management Asia-Pacific and the country head of UBS Singapore in a media statement on Monday.
Unprecedented Wealth Transfer
To mark the launch of the new office, UBS employees in Singapore raised a sum exceeding S$100,000 which, together with matching contributions from UBS, will fund the foundation's first program in Singapore. Last year, the UBS Optimus Foundation raised 65 million Swiss francs (S$89.2 million) and committed to 92 new programs to reach out to close to 3 million children.
«We expect unprecedented amounts of wealth in Asia to be transferred across generations over the next 20 years. This will be a significant boost on philanthropy as many entrepreneurs are committed to using their wealth to create a legacy that has a positive social impact,» said Desmond Kuek, the chairman of the UBS Optimus Foundation Singapore.
