UBS Group is expecting a surge in the size of its Asian wealth business this year as China decided to reopen its border after the breakout of Covid19, Bloomberg has reported citing the group’s Asia Pacific president Edmund Koh.
The Swiss wealth manager, which experienced a tough time last year, is also planning to increase its headcount in the region.
Reopening of the border has paved way for a positive outlook both for the region and other parts of the world, with actual growth picking up in China from the second quarter of this year, added Koh.
In an interview to Bloomberg TV, Koh said: “I think our wealth management will power away this year, because of what’s happening in China, opening up and creating a more positive outlook for the whole market with investors.”
UBS handled nearly $412bn in assets on behalf of wealthy clients in the region until the third quarter.
Last year, the bank witnessed inflows into its wealth management operations from clients who withdrew their money from the embattled Credit Suisse Group.
UBS posted $237m profit in its wealth business in the Asia Pacific region in the Q3.
According to Koh, the recent increase in the number of Covid cases in China has not impacted the company’s business in the country. UBS currently has a workforce of 1,400 people in China.
He further added: “I’m here to hire.”
In November last year, UBS announced the promotion of Damian Vogel to the position of group chief risk officer (CRO). The appointment will take effect in May this year.