The wealth management arm of UBS in Asia saw its assets surge by more than $200 billion in 2023 amid an ongoing integration with Credit Suisse.
UBS Global Wealth Management’s invested assets totaled $645 billion in APAC, according to the bank’s 2023 annual report. This marks an increase of 51 percent, or $217 billion, compared to $428 billion at the end of 2022. Net new asset inflows were $13.5 billion for the fourth quarter.
The Swiss private bank recorded a pre-tax profit in Asia Pacific of $97 million in the fourth quarter, down 45.5 percent. This was driven by the consolidation of Credit Suisse revenues which were partly offset by lower net interest income. Loans decreased 4 percent to $45.8 billion, primarily reflecting $2.5 billion of net new loan outflows.
Expanded Front Office
The bank’s cost-income ratio also soared from 69.7 percent to 87.7 percent. This coincides with an expanded workforce with the number of client advisors growing to 1,101 in the region compared to 847 at end-2022.
