UBS forecasting exponential growth in Asian wealth management
UBS investment bank says its Asian business will count for 25 per cent of the bank's global net new money flows, and plans to double its business in the region every three years.
Rory Tapner, head of UBS' Asia-Pacific business told Bloomberg new money growth in Asia-Pacific had been 'extreme': "Can it continue to be 25 per cent of the net new money growth every year? I think it can."
Tapner reportedly said margins in Asia-Pacific are growing much faster than headcount. The implication? Either the pace of hiring may accelerate to keep up, or existing employees may be on track for increasingly generous payouts.