UBS WM reports Asia income growth

Added 21st March 2016

In 2015, Asia wealth management income rose while other regions were down.

UBS WM reports Asia income growth

Operating income from wealth management in Asia-Pacific rose to CHF2.1 bn ($2.2 bn) from CHF1.9 bn in 2014.

During the same period, operating income for Europe, the Middle East and Africa fell to CHF3.8 bn from CHF4.0 bn.

The Swiss bank said it registered CHF8.2 bn from total operating income from wealth management last year, up from CHF7.9 bn in 2014.

“In Asia Pacific, we have accelerated our growth with a particular focus on Hong Kong and Singapore, the leading financial [centres] in the region, and China,” the bank said in its 2015 annual report.

During 2015, the bank opened a branch in Kowloon, its first in Hong Kong outside the central business district.

Last week, it opened its first branch in Xintiandi, Huangpu district of Shanghai.

“While China's economy is undergoing a year of adjustment, we continue to believe in the strong fundamentals of the country's growth story," Jürg Zeltner, the bank’s president of wealth management said in a statement.

The Shanghai branch is the bank’s “second ground-floor presence” in the Asia-Pacific region following the opening of a sub-branch in Beijing in October 2014.

"Our vision is to be the pre-eminent global wealth manager in China. We will continue to invest in China, both in terms of hiring and in broadening the services and products available to our clients," said Edmund Koh, Head, Wealth Management Asia Pacific

The Swiss bank is also developing its presence in major onshore markets such as Japan and Taiwan, it said in its annual report, adding that in emerging markets, the focus is on Mexico, Brazil, Turkey, Russia, Israel and Saudi Arabia.

“Many emerging market clients prefer to book their assets in established financial centers and, to that end, we are strengthening our coverage for such clients through our booking centers in Switzerland and the UK, as well as in the US.”

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