The UBS Optimus Foundation has launched its China representative office.

Chinese philanthropists are collaborating more to make use of their collective financial and organisational muscle, heeding the message about the need for more partnership as expressed in a recent UBS-sponsored report, a conference heard.

Separately, the UBS Optimus Foundation, part of the Swiss bank, has announced the launch of its China representative office which is designed to consolidate and broaden the impact of its China projects.

As reported in late April, a 32-page report from the Harvard Kennedy School’s Hauser Institute found that 58 per cent of the 260,000 foundations identified worldwide don’t join hands in tackling problems.

Chinese philanthropists are getting the message, UBS said at a recent conference held in Hangzhou.

"Philanthropy is growing rapidly in Asia, particularly in China. Increasingly, foundations are more strategic and more professional. They also recognize that collaboration both with their peers and with government has the potential to enhance social impact whether it be through peer learning, co-development, and even co-funding," Christina Tung, head of family and philanthropy advisory Asia-Pacific, UBS Global Wealth Management, said.

Philanthropists, impact investors, business owners and other individuals attended the conference, which took the theme of "Legacy and Philanthropy – Collaborating for Social Change".

"China continues to lead wealth creation in Asia Pacific and the world. Many of the Chinese billionaires are first-generation entrepreneurs and a large part of their wealth is expected to change hands over the 20 years. More than ever before, we see the Chinese families embracing philanthropy as a way of succession planning and building a legacy,“ said Amy Lo, chairman and head of Greater China, UBS Global Wealth Management.