Swiss bank UBS is targeting Asia Pacific to deliver as much as 30% of its assets under management within a decade, says CEO Sergio Ermotti.
"I wouldn’t be surprised if the Asia business is closer to 30% (of the bank’s total managed assets) than the 10% it is today," Ermotti told Reuters.
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Ermotti’s opinion reflected that bulk of the bank’s expansion in this region will be driven by wealth creation in China.
"We do expect wealth creation to be a big theme in China. The Chinese business is a very big business and a very important business, in terms of profitability and scope and size," he was quoted as saying.
"The story for many years was how to bring foreign investment into China. The next step is how we can help Chinese investors go outside of China," he added.
In addition, the CEO revealed that UBS plans to substantially raise the number of its employees in China, where it currently has a workforce of nearly 500.
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By GlobalDataMost of the hiring will take place in the bank’s wealth management arm, Ermotti said.
