UBS sees wealth business boost as China reopens, looks to hire

Bloomberg

UBS group predicts an increase in business for its bank’s key wealth division in Asia this year after a difficult period last year and is looking to add talent, its Asia Pacific president said.
“I think our wealth management will power away this year, because of what’s happening in China, opening up and creating a more positive outlook for the whole market with investors,” said Edmund Koh, UBS, Asia Pacific President in an interview with Bloomberg TV.
The nation’s reopening bodes well for the region, as well as globally, and he sees real growth in China starting in the second quarter.
UBS, the largest private bank in Asia, managed about $412 billion in assets for wealthy clients in the region as of the third quarter. The Swiss bank last year saw inflows into its wealth management business from clients fleeing Credit
Suisse Group AG.
It reported a $237 million profit for the region’s wealth business in the third quarter.
While China is currently experiencing a surge in Covid infections, it hasn’t affected the bank’s operations in the country where it employs 1,400 people, Koh said.
Koh said China has been impacted by its common prosperity drive and strict Covid mobility restrictions. However, getting out of it, he said China will be “stronger this time round.”
After a difficult year for wealth in the region, the bank is looking to add talent. “I’m here to hire,” he said.