This means UBS will inject up to CHF350m ($358m) in the region, based on an estimated annual total income of CHF7bn at the wealth management division.
In a message to UBS staff, Zeltner underlined the importance of the APAC market for UBS’s future development.
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In the first quarter of 2012, net new money (NNM) in the wealth management businesses more than doubled to CHF6.7bn, compared to the same period of the previous year.
Of this CHF6.7bn, 80% of the NNM – CHF 5.4bn – came from the APAC region.
Successful in Asia, UBS is losing in Europe, where the bank experienced a CHF1bn drop in assets in Q1 2012.
"We are also making changes in Europe to position ourselves for growth in the long term, but this will take time," said Zeltner.
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Source: Private Banker International
