UBS Wealth Management sets up special Desk to meet the growing needs of foreign residents in Singapore
Singapore, 15 March – In response to the increasing demand for a seamless international banking experience across locations for foreigners residing in Singapore, UBS Wealth Management has established a new service to provide specialized financial services to cater to their needs.
The new Resident Foreigner Team has a growing pool of experienced international bankers, especially dedicated to this underserved segment of the Singapore community. Besides offering holistic financial advice, the team will offer a unique client experience through cultural synergies and financial solutions tailored to the needs and preferences of foreign residents in Singapore.
August Hatecke, Head UBS Wealth Management South East Asia, said: "As a global bank, operating in Singapore since 1970, we have the advantage of a strong international network as well as a deep understanding of the local market. We have had requests over the years to provide specialized financial services to foreign residents in Singapore and this new service gives us the ability to provide a seamless banking experience whether they bank in Singapore or their next home. We see tremendous potential for this client segment and this is a great opportunity for us to further accelerate the growth of our footprint in this important market."
The Resident Foreigner Team will continue UBS's long tradition of working closely with high net worth clients who demand access to a global platform with a comprehensive range of financial and investment solutions, including planning for children's education and saving for retirement, key concerns for foreign residents in Singapore.
The team is headed by Sean Straton, Desk Head, Resident Foreigner Team, UBS Wealth Management Singapore. Sean was previously from Credit Suisse where he was the Team Leader for the Indonesia Market and prior to that, was Head of Westpac Private Bank, Singapore. Sean reports to Eddie Gan, Managing Director, Market Head, Singapore, UBS Wealth Management.
Gan added: "Investing in building a dedicated client coverage team supporting high net worth foreign residents in Singapore is a key milestone in our strategy. We are very excited to have Sean lead our growing team. With his abundant experience and expertise, our new Resident Foreigner Team is in a strong position to support high net worth foreign residents in Singapore pursue their financial goals."
UBS Wealth Management is Asia Pacific's leading global wealth manager with CHF 292 billion in assets under management (AUM) and more than 1,000 client advisors in the region.
UBS provides financial advice and solutions to wealthy, institutional and corporate clients worldwide, as well as private clients in Switzerland. The operational structure of the Group is comprised of our Corporate Center and five business divisions: Wealth Management, Wealth Management Americas, Personal & Corporate Banking, Asset Management and the Investment Bank. UBS's strategy builds on the strengths of all of its businesses and focuses its efforts on areas in which it excels, while seeking to capitalize on the compelling growth prospects in the businesses and regions in which it operates, in order to generate attractive and sustainable returns for its shareholders. All of its businesses are capital-efficient and benefit from a strong competitive position in their targeted markets.
UBS is present in all major financial centers worldwide. It has offices in 54 countries, with about 34% of its employees working in the Americas, 35% in Switzerland, 18% in the rest of Europe, the Middle East and Africa and 13% in Asia Pacific. UBS Group AG employs approximately 60,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).