UBS and Credit Suisse are reportedly offering bonuses linked to asset inflows in Asia amid a visit by the former bank’s global wealth management head.
UBS and Credit Suisse are offering relationship managers a commission of 15 basis points for new client money obtained, according to a «Bloomberg» report citing unnamed sources.
This is more attractive than typical bonuses which are linked to fee-generating assets which requires clients to invest, in addition to opening an account and banking their assets.
Singapore Trip
According to the report, UBS global wealth management president Iqbal Khan is in Singapore this week to meet with staff and clients. Khan is seeking to retain talent and assets for the newly combined entity with Credit Suisse.
Separately, Credit Suisse has been reportedly handing out retention bonuses to staff viewed as critical by UBS. The bonuses, which include cash and UBS shares, were offered to a small group of key senior employees. Other employees such as private bankers, investment bankers and operational staff were also eligible for a performance-based award.
UBS chairman Colm Kelleher recently spoke about returning clients, leading the Swiss bank to be a «net gainer» of the acquisition, including a newly obtained leadership position in the southern Asia Pacific region.
