An open dialogue with Amy Jarich from the University of California, Berkeley and Jacques Steinberg, Senior Editor for Education Initiatives, The New York Times.
Alumni from leading international universities share their experiences with attending guests at the IHT forum in Singapore.
|Today, Asia has one of the youngest populations in the world. With over 1.2 million millionaires living in this region, the responsibility of taking businesses forward increasingly lies with the younger generation. As more Asian family businesses transfer wealth from one generation to the next, there is a need to provide the right skills, expertise and education to these future business leaders.
Preparing Asia’s business leaders of tomorrow
Family businesses in Asia face several challenges. While many children of ultra high net worth (UHNW) individuals have studied abroad—and so are no strangers to the global community—once they return, they face a twofold challenge. First, they are often expected to return home to lead family businesses that typically have a strong Asian culture. Second, having generally been educated abroad, the younger generation can find themselves challenging the family dynamics and corporate hierarchy.
Young business leaders need preparation and education in order to enter the family business. Handling the responsibility of wealth needs a combination of financial and wealth management skills, as well as personal development and leadership training. Entrepreneurial families make up a large proportion of Asia’s wealthy. UHNW individuals need to know what drives investment values and price movements, and understand a wide variety of topics, both financial and non-financial.
To help Asia’s family-owned businesses in their succession planning and simultaneously prepare the next generation, UBS has been running several education programs in Asia for the past decade.
UBS’s education-based programs are designed to meet the needs of our clients. The programs focus on growing businesses further, once the next generation comes into the workforce.
The UBS Leadership Excellence Development Series (LEADS) This comprehensive educational workshop, aimed at university undergraduates and recent graduates, offers a balanced program of financial, personal development and career planning sessions for the young generation in Asia.
Earlier this year, UBS held the fourth edition of the LEADS program in Hong Kong and Singapore, attracting over 100 participants from 11 countries. In the four-day program students covered various topics ranging from personal finance to interviewing skills and business etiquette.
UBS Young Successor Program An educational wealth management program that aims to educate Asia’s younger generation—in the 18-to-25-year old age group—on how to manage and govern the wealth they have inherited. The 10-day program seeks to examine the ultimate objectives of wealth ownership, the effect of wealth on future generations, and philanthropic opportunities. The program offers participants the opportunity to forge a strong network with their peers.
Educating and inspiring
Asia is home to some of the world’s most dynamic financial hubs. In turn, these cities are home to some of the region’s biggest family businesses. Recognizing the need to help educate the younger generations of these families, UBS recently sponsored ‘The International Herald Tribune Education Forum – Exploring Your Academic Future Overseas’ in Singapore, Taipei, Hong Kong and Shanghai. The forum offered parents an opportunity to engage with The New York Times Education Editor and author, Jacques Steinberg, and IHT Education Editor, Joyce Lau.
Together with representatives from leading universities and panelists, Steinberg discussed international university education and offered advice on the admission process. The event facilitated an exchange of knowledge between education experts, former students, and students and parents who are considering their options.
UBS runs a number of programs exclusively tailored for the younger generation who are undergoing their university education or just starting out on their career paths as part of our comprehensive offering for the next generation. UBS’s strength as a wealth manager is in understanding the needs of our clients at their different life stages, be it their investments, business or family.
Education is an important pillar in the UBS framework. The firm runs several programs internationally, such as the ‘UBS Dialogue – Next Generation Program’, aimed at family members of the next generation of family businesses. This year’s program, held in Wolfsberg Ermatingen, Switzerland, provided a platform for participants to engage with leading scholars from academia, practitioners in business, and experts from UBS on the subject of “ownership competency and family leadership”, in driving the family business and achieving ownership excellence.
With the rapid growth of Asia as a strong business hub globally, maintaining family wealth and growing the business requires expertise. With UBS’s extensive experience of working with successful business families from around the world, we are in an unrivaled and unique position to design and deliver education programs that address the needs of our Asian clients as one generation passes the reins to the next.
Watch the live stream from the UBS-sponsored ‘The International Herald Tribune Education Forum’ in Hong Kong at http://live.ihtconferences.com.
To find out more about our regional educational programs for the next generation, please contact us at firstname.lastname@example.org.