UBS Sets Up Wealth Teams in Singapore for Australia and Japan

(Bloomberg) — UBS Group AG has established offshore desks to cater to its clients in Australia and Japan, according to the bank’s Asia-Pacific wealth management co-head.

Domestic wealth in markets such as Japan and Australia is growing, Young Jin Yee said at the FT wealth management forum in Singapore on Thursday. The new teams give customers options for services in Singapore, on top of the bank’s existing operations in both countries, Young said.

The move comes as UBS doubles down in a region that it has long seen as key to its wealth-management ambitions. Newly-installed UBS global co-head of wealth management, Iqbal Khan, who relocated from Zurich to Hong Kong, has reflected on the importance of Asia Pacific.

UBS returned to wealth management in Australia last year after it exited almost a decade ago, tapping the Credit Suisse franchise it bought to make a renewed charge.

 

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