UBS has established a regional unit for ultra high net worth
(UHNW) clients across Asia Pacific.
The new unit will expand UBS’s non-financial services, which
include philanthropy, family advisory and wealth planning, and
follows the launch of its Global Family Office Group in September
2010.
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UBS said the unit will meet the rising client
demand for non-investment family UHNW services.
The bank appointed industry veteran Yan Lau to
head the regional family services unit.
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By GlobalDataCredit Suisse, HSBC and Citi have all bulked
up their services to family offices in the past four months.
Last month Credit Suisse launched its first
family office hub in Singapore for UHNW clients with at least $100m
in investible assets.
HSBC started its Family Office Partners
service targeting clients with an average net worth of $500m
towards the end of 2010.
Citi followed by setting up its Global Family
Office Group which is open for external clients and formalisies
services already offered to HNW individuals with $25m or more.
Last week Northern Trust launched
non-traditional family practice in the US to serve the lesbian,
gay, bisexual and transgender (LGBT) sector.
