UBS and BofA to expand in Asia
The chief executives of UBS Asset Management and Bank of America both stated a commitment to expand in Asia this week.
John Fraser, global chairman and chief executive officer of UBS Global Asset Management, appears on Finance Asia today discussing the company's intentions to grow on the continent.
Asia currently accounts for around 9% of assets under management at UBS, and should account for 15% over the next few years, says Fraser. But he says some of the fund's expansionary initiatives have been delayed by staffing problems in the region: although there are plenty of good graduates, Asian middle managers with five to seven years' experience are apparently harder to come by.
In a separate interview with the New York Times, Kenneth Lewis, chairman and chief executive of Bank of America, says Asian expansion is on the cards in the next two to three years as the bank seeks to build its investment banking presence internationally.