UBS aims to grow its business which deals with ultra-rich clients – typically those with liquid assets of CHF50 million (US$55.9 million) or more by 7 to 8 percent in terms of assets, according to Reuters.
"Growth in net new money of 7 to 8 percent is possible over the cycle, if you look at the past five or six years," Joe Stadler, the Swiss bank’s global head of ultra-high net worth (UHNW) business, told Reuters in an interview. But he did not specify a timeframe.
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In the past two years, the Swiss banking giant published results for its ultra-rich division separately during which the unit posted quarterly growth of net new money of between 4.5% and nearly 12%.
However, the division the division registered growth of more than 7% in latest quarter.
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