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UBS draws Asia's best with opening of Wealth Management Campus in Singapore
UBS today officially opened the UBS Wealth Management Campus - Asia Pacific (UBS WM Campus - APAC) in Singapore. The move underpins UBS's commitment to nurture and groom the best talent in Asia and is pivotal to UBS's growth strategy in the region. The Campus was opened by LIM Hng Kiang, Minister of Trade & Industry and Deputy Chairman of the Monetary Authority of Singapore.
"UBS's continued leadership in the global wealth management business can, to a large degree, be attributed to its long-standing commitment to developing a deep bench of high calibre bankers who understand client needs. I am confident that the UBS Wealth Management Campus will continue that tradition by creating a pool of talent to meet the demands brought about by the tremendous growth in the wealth management industry in Asia Pacific," said Peter WUFFLI, Chief Executive Officer of UBS AG who was present at the ceremony.
The establishment of the UBS WM Campus - APAC reflects the rising importance of the wealth management business in Asia Pacific. According to UBS's estimates, liquid assets held by wealthy individuals in the region (excluding Japan), will grow by 9.7% annually until 2009, compared to less than 6% globally over the same period. From 2004 to 2006, UBS's Wealth Management business in Asia Pacific doubled its invested assets to CHF 151 billion. This equals a compounded yearly growth rate for this period of 37%.
"The Campus will be a centre of excellence for development programmes targeted at employees and clients in the Asia Pacific region. More importantly, it will also serve as a hothouse for wealth management research and thought leadership in new wealth management initiatives," said Kathryn SHIH, Head of UBS Wealth Management in Asia Pacific.
Situated at the historic Command House at 17 Kheam Hock Road, the Campus is in line with Singapore's efforts to develop as a centre for wealth management. "We believe this Campus dovetails with Singapore's efforts to develop as a premier wealth management hub. It will certainly be a beneficiary of Singapore's large pool of highly-educated talent, a robust financial services sector, an open regulatory environment and the Monetary Authority of Singapore's support for such vocational education initiatives," added Shih.
Training will be delivered by more than 200 experienced practitioners from UBS's operations globally. Equipped with state-of-the art facilities, including a lecture hall with video conference facilities and voice activated cameras, five seminar rooms, a media lab for business technology training, networking and administrative areas, UBS expects to train approximately 5,000 existing and future UBS Wealth Management staff by 2010.
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 where appropriate.
The Campus will also be a resource for clients. "Developing courses for our clients is a reflection of UBS's commitment to meeting the rising demand for premium financial solutions. Our clients' needs are diverse and evolving, and our courses aim to enable them to remain the best-informed investors in this fast-growing and changing industry," added Shih.
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