Private bank UBP sees excellent growth potential in its business with wealthy Asians. It plans to increase its wealth management team in Asia by 50 percent this year.
Union Bancaire Privée (UBP) already reached two-thirds of its recruitment target for the year, Michael Blake, Asia CEO of the Geneva-based bank with a long tradition in Singapore, told «Reuters.» The Geneva-based bank, owned by the de Picciotto family, manages about $153 billion in assets, 14 percent of which are in Asia.
Blake said most new relationship managers will be based in Singapore, with the rest in Hong Kong. UBP didn't disclose the number of wealth managers in the region or who the new employees most recently worked for. At the end of last year, UBP had a global headcount of 1,960.
Strong Expansion in Singapore
The goal is to expand the customer base in North and Southeast Asia. While the new employees in Hong Kong will cover Greater China and the Philippines, the team in Singapore will serve customers in the local market and neighboring Southeast and South Asian markets.
Despite the slowdown in economic growth in China, demand for financial services is driven by wealthy Chinese individuals' desire to set up family offices in Singapore and Hong Kong, Blake added. UBP has two offices in China, with other locations in Asia, including Hong Kong, Singapore, Tokyo, and Taiwan.
