UBS is planning to expand its presence in Hong Kong by extending the footprint of its wealth management business in Kowloon and the New Territories.
The UBS’s private bank has signed a lease agreement to open a new office at One Peking Road in the Tsim Sha Tsui neighborhood of Kowloon in order to attract wealthy entrepreneurs in the region who might not cross the Victoria Harbor to invest.
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UBS Wealth Management regional market manager for Hong Kong Jean-Claude Humair said: "For us it’s more of a strategic decision to go to Kowloon to focus on the entrepreneur and to show this important group of prospective clients that we want to come your way."
The bank will look to hire new client advisers besides to re-locating existing staff to support its presence in Kowloon.
UBS will also hire around four wealth planners for the new office to advice clients on long term needs such as life insurance, succession planning and philanthropy.
Humair said: "Our intention is to move 50 people to Kowloon when we open in the first quarter next year, of which about 30 [are] client advisers.
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By GlobalData"Two-thirds already work for UBS. This year my intention is to hire another 10 client advisers to complement the existing people who are already moving to Kowloon."
