Asia Pacific is the fastest-growing wealth management market in the world. That statement is backed by plentiful evidence. According to an internal UBS estimate, the liquid assets held by individuals in the region (excluding Japan) grew by 7.8% in 2003. This compares with a global growth rate of 6.4% in the same period.
UBS, however, is matching even this impressive performance. In 2003, Asia Pacific Wealth Management revenues climbed by 19%. At the same time, net new money intake from the region represented an annual growth of more than 13% of the underlying asset base.
Inflows of net new money from existing clients more than doubled in 2003. This highlighted the firm’s dedication to the success of our clients, a key element in UBS’s value proposition worldwide. In this region, wealth generation is strongly linked to entrepreneurial activity, a fact that is reflected in the composition of UBS’s client base.
Having generated wealth through their own enterprise, entrepreneurs naturally prefer to take an active interest in the investment of their assets. They demand a high level of contact, but reward efficient service with increased activity on their accounts.
In this context, close coordination between our advisors and product specialists is particularly important, allowing UBS to respond swiftly to changing requirements in the marketplace.
Our business performance is underpinned by the strongest wealth management infrastructure in the region. According to „Banking in Asia 2003”, a report from the McKinsey consultancy, UBS is the largest such business in Asia in terms of both market share and Asian-based relationship managers. UBS is already -represented in nine Asian locations and plans to expand its network of branches and offices into further high-potential locations.
Quality is, of course, as important as quantity. The 205 UBS client advisors dedicated to the region have an average of six and a half years of industry experience. They act as the central point of a client-focused advisory process that remains unmatched by competitors in the region.
Further reinforcing their position, UBS wealth managers also draw on the resources of their colleagues in the Investment Bank and Global Asset Management businesses. UBS employs roughly 3,900 staff in some 13 countries across the region. Cross-firm cooperation delivers significant cost savings through the maximum use of shared infrastructure, as well as providing a wide array of products and services.
The strength of the UBS franchise in the region is frequently recognized in surveys and opinion polls. In its first annual survey of the global private banking industry, Euromoney named UBS the „Best Private Bank” in Asia. And UBS was again named „Best Private Bank” in the region in 2003 by FinanceAsia, an industry journal.
UBS’s strong local commitment is particularly important in view of the region’s potential, which shows every sign of matching historical growth rates. According to an internal UBS estimate, the wealth of high net worth individuals in the region (excluding Japan) is expected to grow by 8.5% annually in the next three years.
Our strategic priorities are to capture this potential by extending our franchise in existing growth markets, while significantly increasing presence in other strongholds, including China and Japan, consolidating and strengthening the unit’s position as the region’s leading wealth manager. Given the resources available across UBS to support these aims, we believe these goals are as realistic as they are ambitious.
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