UBS has plans to double its headcount in China within the next five years, according to group CEO Sergio Ermotti. This will add about 600 staff to its operations there.
New employees will be introduced across UBS’s wealth management, investment banking and asset management businesses. The bank’s Asia head, Kathryn Shih, says UBS is looking past the volatility in the Chinese market and seeing China as a driver of growth for the future.
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In 2006, UBS was the first foreign firm to be allowed to invest directly into a fully licensed Chinese securities business.
Ermotti thinks UBS will be able to add significant value with only a small fraction of Chinese UHNW clients diversified into overseas assets. "From the 9 trillion retail deposits in China, only 1 percent are invested abroad," he says.
Ermotti also believes that this is the best time for his bankers to strengthen ties with clients as market conditions are turbulent and uncertain.
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