UBS is expanding its wealth management in Hong Kong by setting up a new hub in Kowloon for high-net-worth clients to capitalise on the gradual opening up of capital accounts in China and the liberalisation of the yuan. The move dovetails with the addition of 100 new employees in wealth since last year, around 50 of which will work in the new office by the first quarter of 2016.
“Deriving the benefits from Mainland policies and wealth accumulation, asset-under-management (AUM) in Hong Kong’s wealth management market are expected to grow by 30% in the next three to five years,” said Amy Lo, head of UBS wealth management in Greater China.
Assets from high-net-worth investors in Hong Kong stand at US$700bn, with UBS taking between 10% and 12% of this market, according to Lo. “Stimulated by the upcoming mutual fund recognition and the Shenzhen-Hong Kong Stock Connect, we have recorded a double digit increase in assets under management,” said Lo.
UBS has plans to boost its wealth presence by setting up the new office in Tsim Sha Tsui early next year. The new hub will serve investors with assets of US$5m to US$25m.
Furthermore, UBS wealth management has launched UBS Advice, a new wealth management service in Taiwan, which was approved by the Taiwan Financial Supervisory Commission at the beginning of June.
UBS Advice offers clients with daily, customised, automatic portfolio reviews, giving investors full control over their transactions. The service is already used by UBS investors in Hong Kong and Singapore and be made available in Taiwan in July. The service was previously available only to institutional clients, according to Lin-Yun Chang, head of UBS Strategic Investment Taiwan.
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