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January 18, 2019

UBP launches asset management subsidiary in Taiwan

Swiss private bank Union Bancaire Privée (UBP) has set up a new asset management unit in Taiwan.

At the same time, the bank obtained the Securities Investment Consulting Enterprises licence from the Financial Supervisory Commission.

The move enables UBP Asset Management Taiwan, the bank’s new Taiwan subsidiary, to distribute Taiwan-registered funds to domestic investors as a master agent.

Among these funds are the UBAM Global High Yield Solution, UBAM AJO US Equity Value, UBAM Corporate US Dollar Bond, UBAM Emerging Market Debt Opportunities, UBAM Europe Equity as well as UBAM SNAM Japan Equity Value funds.

UBP CEO for Asia asset management Ted Holland said: “We are now fully set up with our own master agent business to service our institutional and intermediary clients in the Taiwan market.”

The latest move comes as UBP reported a net profit of CHF202.4m for the year ended 31 December 2018. The figure marks a decrease of 8% from the previous year, when its net profit was CHF220.4m.

Net inflows of assets were CHF7.3bn at the end of 2018. This included CHF4.7bn in net new money and CHF2.6bn from the ACPI acquisition.

Assets under management totalled CHF126.8bn at the end of December 2018, a 1% rise from CHF125.3bn last year.

UBP CEO Guy de Picciotto said: “We continued to invest in both our offering and our resources amid declining markets and a clear drop in client transaction volumes.

“The acquisitions of ACPI and Banque Carnegie will allow us to step up our growth in Europe, and the recruitment of new teams in Asia and the Middle East reflects our ambitions in those priority markets.”

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