People Moves

Private Bank Trumpets Asia Commitment With Big Appointment

Tom Burroughes Group Editor 16 November 2018

Private Bank Trumpets Asia Commitment With Big Appointment

The private bank emphasized its commitment to the Asian region as it confirmed the appointment.

Union Bancaire Privée, the Geneva-based bank, has named a prominent industry figure to be its vice chair for Asia: Alfred Tsai.

Based in Hong Kong, Tsai will report locally to Eric Morin, head of North Asia and Hong Kong branch chief executive, and regionally to Michael Blake, head of the region and CEO for Asia.

UBP’s footprint has deepened after its acquisition of Coutts’ international assets in Asia and Zurich in recent years.

Most recently, Tsai headed the China market for BNP Paribas Wealth Management. He has held senior management positions at investment and private banks including Citibank, UBS, Credit Suisse, Merrill Lynch and Julius Baer.

"Alfred’s arrival marks a major milestone in UBP Hong Kong’s ongoing development and will complement the success the branch has already achieved these last two years with double-digit growth on North Asia," UBP said in an emailed statement.

"The region is a vital growth market and a major contributor to UBP’s business development strategy, particularly as the accumulation of private wealth has made China the second-largest wealth management market in the world. This hire also shows that UBP remains committed to continuing to grow its activities in Asia, both for private and for institutional clients," it continued.

Assets under management at UBP in Asia represent more than SFr20 billion, of which SFr7 billion are in asset management, the bank said. In July this year, the bank reported its first-half results for 2018.

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