UBS outlines ambitious plans for Asian wealth management unit

5 October 2010

UBS is looking to grow its Asian wealth management operations by between ten and 20 per cent during the next three to five years.

Carlo Grigioni, vice-chairman of wealth management in Singapore for UBS, outlined the target in an interview with Bloomberg, telling the news provider that the aim relates to clients which have at least 50 million Swiss francs ($51 million) of assets.

He stated that asset managers and investment bankers in the region will be working more closely together to help improve customer service.

"If you look at what happened in Asia over the last 20 years, there's incredible wealth creation so this is probably going to become a very, very important piece of segment," said Mr Grigioni.

Last month, UBS announced that its co-chief executive officer of its investment bank Alex Wilmott-Sidwell is to move to Hong Kong to become co-chairman and chief executive officer for its Asia Pacific operations.

By Asim Shah

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