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UBS 'breaks ground' on new Wealth Management Campus in Singapore
UBS announced its plans to open the UBS Wealth Management Campus - Asia Pacific , its new wealth management training facility in Singapore today. Heng Swee Keat, Managing Director of the Monetary Authority of Singapore and Chairman of the Institute of Banking & Finance, was the Guest-of-Honour at the event. At the ceremony, UBS was presented with accreditations as both a financial training provider and an assessment service provider in wealth management for high-net worth clients by the Institute of Banking & Finance.
Established in response to the increasing demand for UBS's wealth management services, the UBS Wealth Management Campus - Asia Pacific will provide training for employees new to the wealth management industry, and ongoing training and professional development for existing UBS employees. The campus is expected to open in the first quarter of 2007.
Situated at the historic Command House at 17 Kheam Hock Road, the new campus will include a lecture hall equipped with video conference facilities and voice activated cameras, five seminar rooms, a media lab with over twenty computers for business technology training, networking and administrative areas.
When fully operational the campus will enable UBS Wealth Management in Asia Pacific to increase client advisor numbers by more than 20% annually. UBS anticipates that the campus will provide training for approximately 5,000 existing and future UBS Wealth Management staff between 2006 and 2010.
By 2030, three of the world's largest economies (China, Japan and India) are expected to be in Asia Pacific, resulting in higher levels of domestic wealth in this region. According to an internal UBS estimate, the liquid assets held by individuals in the region (excluding Japan) are projected to grow by 9.7% annually in the period between 2005 and 2010, versus a corresponding global growth rate of less than 6%.
"The growth of our business and the expansion of the needs of our clients, demand an ever-larger number of ever-more qualified employees. The campus will be a unique centre of excellence for training the individuals necessary to meet this demand as well as a centre to spearhead wealth management research and innovation," said Kathryn Shih, Head of
UBS Wealth Management in Asia Pacific, and a Member of the UBS Group Managing Board.
"With its highly-educated talent pool, a robust financial services sector, an open regulatory environment and The Monetary Authority of Singapore's support for such vocational education initiatives, Singapore is the perfect location for the campus," added Shih.
UBS has received accreditation from the Institute of Banking and Finance as both a financial training provider and an assessment service provider in wealth management. The Singapore model will form the base of all UBS's Asia Pacific Wealth Management training and UBS will adopt the Singapore Institute of Banking and Finance's Financial Industry Competency Standards (FICS) regionally for Wealth Management staff certification.
"UBS is the first financial institution in Singapore to have received FICS accreditations for two job roles, and is on track to be accredited for all four job roles under the High Net-Worth Relationship Management category. This accreditation is significant; not only does it provide learning opportunities for staff in their respective roles, but also increases opportunities for the Assistant Relationship Managers to become Relationship Managers. It is a testament to UBS's commitment in developing its staff at all levels," commented Martin Teo, CEO of the Institute of Banking & Finance.
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