SINGAPORE - UBS said its wealth management business in Asia Pacific saw profit before tax for the first quarter grow 30 per cent from the same period a year ago to 263 million Swiss francs (S$372.7 million).
Assets under management rose from 292 billion Swiss francs a year ago to 311 billion francs. It is the first time that a wealth manager has crossed the 300-billion franc mark in the region, UBS said on Monday (May 8).
"As the results show, Asia remains an area of growth for UBS. We plan to consolidate our growth in the region by sharpening our focus on China, Japan, and Taiwan, as well as the regional wealth management hubs, Hong Kong and Singapore," said Mr Edmund Koh, the head of UBS Wealth Management, Asia Pacific.
Asia is one of the most important sources of new business opportunities for UBS globally. Over the last year, UBS opened a branch in Shanghai and another in Kowloon, its first branch in Hong Kong outside the central business district.
"These achievements are thanks to the trust and confidence of our clients and the dedication and hard work of our employees," Mr Koh added.
"Our focus on digital innovation allows us to stay at the forefront in today's changing business environment and to provide a more client-centric experience."