UBS’s wealth head Iqbal Khan reportedly spoke about optimism from clients following the takeover of Credit Suisse, including one Asian entrepreneur who decided to move $400 million to the enlarged Swiss bank.

Following the takeover of Credit Suisse, UBS Global Wealth Management (GWM) is aiming to attract $150 billion annually in net new money. According to GWM president Iqbal Khan, this is a realistic target over the longer term which will be driven by both the bank’s diversified business as well as new investments.

«The [$150 billion mentioned] is less than 5 percent of our assets under management,» said Khan in an interview with Swiss newspaper«NZZ Am Sonntag». «Over an entire economic cycle, a net inflow of this magnitude is absolutely achievable. [S]uch a target is valid for a longer period of time and not for each individual year.»

Diversified Business

Khan noted that the bank’s diversified coverage of markets is a strong advantage as positive performance in Switzerland, Europe and the Middle East offset the lagging US market.

«The global presence also helps us with risk management,» he explained. «We were one of the first banks to reduce our positions in Russia – even before the international sanctions. In China, too, we reduced the risks on the real estate market massively at the end of 2021, to the benefit of our customers.»

US Expansion

Specifically on the US market, Khan said that the bank was seeking expansion in the coming years. 

«As the fourth largest wealth manager in the USA, we are already at the forefront today. We employ 6,000 consultants and focus primarily on the business with very wealthy customers,» he said.

«Nevertheless, we can continue to grow by taking advantage of our global presence. Over the next three years, we want to invest heavily in this market and catch up with the leading providers. That doesn’t mean we’re aiming for number one.»

Asian Client

Overall, Khan said he felt «enthusiastic reactions» from the bank’s clients about the takeover, highlighting a fresh experience in Asia.

«I recently visited an entrepreneur in Asia who has a relationship with both institutes,» Khan said. «He saw the solution as proof of strength and also appreciated the new opportunities arising from our global presence. The day after our meeting, he transferred more than $400 million to the bank.»