UBP to boost Asia wealth management headcount by 50% in 2023

Share

Share

HONG KONG, Oct 11 (Reuters) – Swiss private bank Union Bancaire Privée (UBP) is set to expand its Asia wealth management team’s headcount by 50% this year, betting on growth opportunities driven by the increase in affluent investors, its regional chief executive told Reuters.

The bank has already met two-thirds of the hiring target so far, said Michael Blake. UBP, founded in 1969, manages around $153.12 billion worth of assets, with Asia accounting for 14% of the total, according to its disclosures.

Most of the new client relationship managers will be based in Singapore, while the rest will be in Hong Kong, Blake said. UBP does not disclose the wealth manager headcount in the region. By end-2022, it had a global workforce of around 1,960 people.

The increase in the number of affluent and high net-worth investors in Asia has eclipsed that of peers in other regions, and that growth is likely to continue through 2026 and beyond, according to an Accenture report released in August.

The number of single-family offices in Singapore grew to 1,100 at the end of last year from 400 in 2020, data from its central bank showed.

“UBP wants to continue to grow clients in both North and Southeast Asia regions,” Blake said.

While the new hires in Hong Kong will cover Greater China and the Philippines markets, the team in Singapore will serve clients from the domestic markets, as well as those from the neighboring southeast and south Asian markets, he added.

UBP has two offices in China, one in Shanghai and the other in Haikou in the southern Hainan province. The rest of its Asia presence spans Hong Kong, Singapore, Tokyo, and Taiwan.

The Geneva-based bank manages a program in China called QDLP, or Qualified Domestic Limited Partnership, via its Haikou office, which allows Chinese clients to invest in offshore assets.

The program has been popular among wealthy Chinese onshore clients amid rising demand to diversify their assets, said Blake, adding that UBP would apply for a new quota as soon as the current $150 million quota runs out.

Over the last few years, Chinese clients were mainly focused on the domestic market with products that included local firms promising guaranteed returns, and private equity investment opportunities tied to the booming Internet companies.

“I do think that’s changed a bit now,” Blake said, citing a new generation of wealthy individuals who are more familiar with global opportunities and are looking to navigate geopolitical challenges and the recent weakness of the renminbi.

Despite the slowing economic growth in the world’s second-largest economy, demand for services is also being fuelled by a strong desire by wealthy Chinese individuals to set up family offices in places like Singapore and Hong Kong, Blake said.

Image by: UBP

Share

Latest

Related Content

Edmund Shing, PhD

Global Chief Investment Officer
BNP Paribas Wealth Management

Edmund has over 29 years of experience in financial markets in a wide variety of positions, ranging from proprietary trading to portfolio manager in a number of financial institutions in London and Paris.  He previously held the role of Global Head of Equity and Derivative Strategy at BNP Paribas in London from 2015 to 2020, and has been Chief Investment Officer at BNP Paribas Wealth Management since November 2020.

Edmund is responsible for piloting our investment strategy and will continues to rollout out recommendations and themes with actionable advice that brings our expertise to our clients and support to our client-facing teams.  In this time of change, his expertise in following and anticipating markets is a true value added for both our customers and those at Wealth Management who serve them.

Edmund has a PhD in Cognitive and Computing Science from the University of Birmingham in the United Kingdom, and has done advanced studies in Knowledge-Based Systems and in Experimental Psychology.  He is an EFFAS-certified financial analyst. He has also authored the book “The Idle Investor” published by Harriman House in 2015, proposing 3 simple investment strategies that take only a few minutes to execute per month.

Media Kit

    Data Protection

    The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

    The Digital Banker Summit

    Moving on from FTX: is 2023 the year of CBDCs?

    Indonesia, Jakarta

    Thailand, Bangkok

    Philippines, Manila

    Contact Us

      Data Protection

      The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

      Request Nomination Pack

      Error: Contact form not found.

      The world’s preeminent Private Banks and Wealth Managers are demonstrating a committed drive in innovation, advisory, new products and services to meet the sophisticated needs of their clients.

      COVID-19
      Amid economic activity revival on the back of the Covid-19 vaccine program, organisations moving from business continuity plans to stable working environments, together with the slightest improvement in unemployment numbers, forced the world to adjust to new realities. Coming to terms with the “new normal”, global investors are now on the look-out for attractive and stable investment opportunities.

      Needs of Private Wealth customers and families worldwide have drastically changed due to the pandemic and banks have had to accelerate efforts to deploy a multi-channel service strategy and safeguard clients’ businesses and wealth against negative impacts of economic uncertainly.

      The Global Private Banking Innovation Awards will recognise the world’s best private banks, wealth managers and asset managers that are championing innovation across advisory, service, products, customer experience and more.

      Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. 

      Request Nomination Pack

      Error: Contact form not found.