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, reported the Hong Kong Economic Journal citing CEO Juerg Zeltner.
UBS Wealth Management is counting on the emerging markets, particularly China, and the Asia Pacific region to contribute over half of the firm’s assets under management in the coming three to five years, observed the publication.
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According to Zeltner, 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 bank is investing on digitalization and information technology to cater to the needs of its largest client base in the region including on the launch of interactive communications systems in Hong Kong and Singapore.
UBS managed CHF2.014trn ($2.16trn) in assets as of the end of 2014, of which CHF269bn was in the Asia-Pacific region.
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