Asia is expected to be a key source of growth for UBS. CEO Sergio Ermotti predicts that the region will account for one-fifth of the Swiss financial group’s total assets under management in a few years.
Asia will account for 20 percent of assets under management (AUM) at UBS in five or six years, according to group CEO Sergio Ermotti, up from the current level of around 15 percent.
«Wealth management and asset management, in general, are two industries that are likely to continue to grow because of the needs of people to save and invest for retirement, for planning,» Ermotti said during the «Milken Institute Global Investor’s Symposium» in Hong Kong. «Wealth creation is a secular trend that sustains our business model.»
Wealth Management
According to a target announced in February, UBS aims to grow AUM in its wealth unit from $3.8 trillion at end-2023 to $5 trillion by 2028. Within Asia, it added over $200 billion last year to reach $645 billion. Following its integration with Credit Suisse, chairman Colm Kelleher previously said that the enlarged Swiss private bank immediately became a leading player in new regions such as South APAC.
«The combination of the two banks is going to offer us an ability to capture share of wallet in many businesses and in many geographic areas where we were already active,» Ermotti said during the Hong Kong event hosted by US think tank Milken Institute.
