Both companies will be jointly controlled by UBP and Chung Wei Yi Co Ltd, owner of TransGlobe Life Insurance.

UBP Asset Management (Asia) will operate across Asia ex-Japan from its main office in Hong Kong, while Taipei-based TransGlobe Securities Investment Consulting Company will concentrate on the Taiwanese market.

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Together with its partner, UBP intends to provide local clients with a full range of investment solutions, while offering its global client base privileged access to Asian markets.

UBP’s Asset Management division CEO Richard Wohanka said Asia is increasingly the focus of global growth and of global investing, so they are delighted to join forces with Chung Wei Yi Co.

"With our combined investment expertise and shared vision we will be able to provide our global investors with a highly-specialized approach to the opportunities the region presents, and our Asian clients with access to our top-quality investment teams across the world," Wohanka said.

The formation of the two joint ventures is seen as a significant step forward in UBP’s expansion plans in Asia and other developing markets.

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This move is a significant step forward in UBP’s expansion plans in Asia and other developing markets, and follows the company’s recent announcements of a number of senior hires in both its Private Banking and Asset Management arms in Hong Kong and Singapore.