(13 June 0218 – Asia) UBS Group expects most new family office clients to come from Asia and is likely to add to its team of family office bankers in the region to capitalise on the growth.
Asia’s ultra-rich are increasingly looking for more complex and global investments as a record number of patriarchs cede control to the next generation.
Last year, Zurich-based UBS secured a private-funds licence in China, allowing the investment unit to start managing money for mainland institutional and high-net-worth investors in Asia’s largest economy.
“In Asia, the clients are less advanced in terms of the sophistication of the family offices structures,” said, Sara Ferrari, UBS head of the Global Family Office which was started seven years ago. “We’re moving as they are moving.”
Competition is intensifying with Credit Suisse, Goldman Sachs and JPMorgan all making private banking in the region a focus.