The wealth management giant is returning after a short break as the title sponsor of one of the biggest sporting events in the Asia calendar.

Although probably best known today for its sponsorship of the Formula 1 motor racing, Swiss bank UBS has renewed its backing for a rather slower-paced sports event in the form of the Hong Kong Open, the golf tournament. 

The world’s largest wealth manager sponsored this tournament from 2005 to 2012 and it has renewed its support with a multi-year commitment as title sponsor. The Hong Kong Open will mark its 57th playing at the Hong Kong Golf Club from 22 to 25 October.

Golf, which is often thought of in certain regions as an affluent person’s sport, is the kind of pastime that wealth management firms like to be associated with in promoting a brand and engaging with existing clients. Phil Mickelson, the US golfer, for example, is sponsored by UK-listed Barclays. 

“Not only does the tournament's high profile across the region fulfil our business and brand needs across key markets but it is also an effective platform for us to support the communities in which we operate,” Kathryn Shih, head of UBS Wealth Management, Asia-Pacific, said of the golf sponsorship deal. 

The prize purse for the UBS Hong Kong Open 2015 will be increased to $2.0 million in 2015, up from $1.3 million in 2014.

Past champions include Peter Thomson, Greg Norman, Ian Woosnam, Bernhard Langer and Tom Watson and, more recently, José Maria Olazábal, Padraig Harrington, Rory McIlroy, Ian Poulter, Miguel Angel Jiménez and Colin Montgomerie.