UBS, the world’s third largest private bank, has revealed plans
to grow assets in the ultra high net worth (UHNW) segment twice as
fast as the market. This comes weeks after the bank launched a
specialist family office unit.
Josef Stadler, UBS’ global head for the ultra
high net worth (UHNW) segment said: “We are the market leader and
so we command an ambition that is to grow two times the market,
which is above 7% to 8% annually in terms of invested assets.”
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UBS’s ultra-rich client segment, made up of
customers with more than $50m of investible assets, is worth
$300bn. It represents nearly 40% of the bank’s total private
client assets outside the US.
The move is part of an attempt to recover from
a US tax evasion case that triggered massive client withdrawals and
a credit product binge.
In the second quarter of 2010, the bank
attracted net new inflows in the Asia-Pacific region from UHNW
individuals.
The wealth management America’s segment also
recorded net new money inflows of CHF2bn ($2bn) in the second
quarter.
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By GlobalDataStadler said Asia accounts for about 30% of
assets belonging to the very rich, and is becoming increasingly
popular in terms of wealth management.
Asia-Pacific is rapidly evolving into a wealth
management hotspot for the world’s top private banks and in the
past few months JPMorgan, Credit Suisse and HSBC have announced
initiatives to grow their wealth businesses in the booming
region.
The 2010 Merrill Lynch/Capgemini
Asia-Pacific Wealth report said the region’s UHNW
population and its wealth expanded 37% and 43% respectively in
2009, posting gains that far exceeded the average growth among the
general high net worth (HNW) population (those with investable
assets of $1m or more).
Although UHNW individuals only represented
0.6% of the total Asia-Pacific HNW population, the segment
accounted for 24.5% of total HNW wealth in Asia.
But Stadler said Europe remains an attractive
market for UBS where new staff will be added over the next
year.
UBS has 480 client advisers dedicated to the
UHNW segment, managing an average of $450m each, but intends to
increase that figure to $500m.
