UBS Wealth Management hopes to see emerging markets, particularly China, and the Asia Pacific region contribute over half of the firm’s assets under management in the coming three to five years, the Hong Kong Economic Journal reported Monday.
The wealth management arm of Swiss banking giant UBS has turned China into its biggest client base in terms of investments in both domestic and offshore markets, the report said, citing chief executive Juerg Zeltner.
Given the expected reforms and development in mainland China, the wealth management market in the country is likely to explode, Zeltner said.
China will drive business growth in the region, making the Asia market a key catalyst for the wealth management arm and contributing one-third of its profits, the executive said.
UBS managed 2.014 trillion Swiss francs (US$2.16 trillion) in assets as of the end of last year, of which 269 billion was in the Asia-Pacific region.
The bank is investing a lot of money on digitalization and information technology to cater to the needs of its largest client base in the region.
The initiatives include launch of interactive communications systems in Hong Kong and Singapore.
Translation by Vey Wong
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