Unconstrained by social distancing, UBS Global Wealth Management in Asia Pacific capitalized on its digital capabilities and market dislocations to post record-high second quarter profits.

The $233 million in pre-tax profits is a record second quarter, according to a statement from UBS, which included an over six-fold surge in revenue to $658 million. 

«During this period, our clients look not only to protect their assets but to capture opportunities,» according to Amy Lo, co-head of wealth management APAC at the bank in a statement. «Many of our clients heeded our CIO’s advice to stay invested and they benefited from our strong mandate offerings that offer global diversification.»

«Our understanding of our clients in the region goes beyond just investments,» added Iqbal Khan, co-president of UBS Global Wealth Management. «With our strong onshore presence, sharpened focus in key markets, and global connectivity, we are well-positioned to serve international and domestic clients.»

Gone Digital

Despite an ongoing pandemic that has limited travel and contact, UBS maintained client engagement via digital means and maintained activity across the board. Its discretionary mandate penetration rate was flat at 13.6 percent compared to 14 percent last quarter while transaction-based income climbed 32 percent amid turbulent markets. Equity trading, in particular, was a major beneficiary the bank's digital capabilities in Asia. 

«Our digitalization efforts have enabled us to stay connected to our clients and almost half of our equity trades are now executed via our e-banking platform,» Lo said.

Looking Ahead

In line with the ongoing trend of thematic investing, the bank’s other regional wealth management co-head August Hatecke highlighted some key areas where clients in Asia are expected to add exposure in the future.

«Looking ahead, we see a rising trend amongst many Asian clients in longer-term investment opportunities in education, healthcare, technology and food technology,» Hatecke said. «Now more than ever, it is important for us to stay close to our clients to protect and grow their wealth in the current market conditions.»