UBS breaks ranks with push for mid-tier Asian millionaires

UBS Group AG plans to hire about 100 wealth management client advisors over the next two years in Hong Kong, the biggest wealth hub in Asia-Pacific, to grab a bigger share of the fast-growing mid-tier millionaire segment.

The Swiss bank's sharpening focus on the middle of the wealth market comes as some global banks including Standard Chartered are raising the threshold for their private banking clients amid growing competition from regional players.

"For us, the sweet spot is high-net-worth clients with investable assets of between US$2 million and US$50 million,"Jean-Claude Humair, regional market manager for Hong Kong at UBS, a bank known for its billionaire client list, told Reuters. "We see tremendous untapped opportunity in the entrepreneurs segment in Hong Kong," he said. "The plan is to hire 50 client advisors in Hong Kong every year for the next two years to cater for these HNWIs (high-net-worth individuals)."

With US$286 billion worth of client assets as of end 2016 and about 1,100 client advisers, UBS is the largest private bank in Asia, followed by Citigroup and Credit Suisse Group, as per industry tracker Asian Private Banker.


Source:businedsstimesgrowth

Nick Kalikajaros 2017