UBS Group will hire about 50 bankers for its wealth management operation in Hong Kong, Bloomberg reported citing Asia Pacific co-head of wealth management Amy Lo.

This comes after the North Asian business delivered record revenue last year, the news agency noted.

Amy Lo said, “A lot of the hiring will be focused on high net worth because over the past few years, we’ve focused a lot on ultra high net worth and billionaires.”

The increase was supported by activity in Hong Kong’s initial public offering market and the recovery of assets lost during the integration of Credit Suisse Group.

“During the start of the integration we had a bit of an out, it’s good to see a bit of recovery as well. Customers are seeing that everything is resolved.”

The integration phase had led to departures of former Credit Suisse employees covering North Asia.

In 2024, Iqbal Khan, Co-Chairman of Global Wealth Management, moved to Hong Kong.

While global net client inflows to UBS’s main wealth unit fell to $8.5 billion in the fourth quarter of last year, Asia Pacific brought in $6 billion in new assets over the same period, helping to offset outflows elsewhere.

The bank recently took possession of new premises at the International Gateway Center in West Kowloon, with the intention of opening by the end of the year, being closer to the Greater Bay Area linking Hong Kong, Macau and several cities in mainland China.

Lo also pointed to “selective” expansion plans in mainland China in wealth management, where about 200 employees currently serve domestic clients.

Additional growth may come through local partnerships, though details were not disclosed.

UBS operates an Asia Pacific team based in Switzerland with about 130 employees, about half of whom speak Mandarin.

This group has managed to double its assets under management in three years and expects to do so again in 2030.

The bank has increased its scrutiny of clients’ sources of wealth and uses external companies for document verification.

Lo acknowledged ongoing efforts to improve internal processes: “If we can’t bring in new customers, we won’t be able to reach the $37.9 billion inflow from Asia Pacific in the third quarter,” he said. “A lot of them are new assets.”

“UBS to add 50 wealth bankers in Hong Kong – report” was originally created and published by International Private Banka trademark owned by GlobalData.

The information on this site has been included in good faith for general informational purposes only. It is not intended to be advice on which you should rely, and we make no representations, warranties or guarantees, either express or implied, as to its accuracy or completeness. You should obtain professional or specialist advice before taking or refraining from any action based on the content of our site.