UBS reiterated that Asia would be a key market for the Swiss banking giant but noted that growth would not occur in a straight line.
UBS CEO Sergio Ermotti once again underlined that Asia, alongside the US, would be «two engines of growth» to deliver «superior prospects» for the Swiss bank but noted that the path for the former market may not be consistent.
«The growth will be less linear in Asia, which is probably important in absolute terms but wealth creation and the demographic trends are really supporting [the business],» according to a «Bloomberg» report citing Ermotti at the «Bank of America CEO Conference» in London. «We see a lot of scope to continue to invest in a very focused way in our Asia businesses including China, so we remain extremely supportive of that.»
Since peaking in 2023 with assets under management reaching $645 billion in Asia, UBS Global Wealth Management has recorded two consecutive quarters of contraction, despite net inflows, shrinking to $627 billion at the end of June 2024.
