The private banking group intends to hike headcount significantly in Asia-Pacific and has already progressed in that direction, its Asia region CEO has said.

Union Bancaire Privée, the Geneva-headquartered private bank, intends to boost its Asia wealth management team's headcount by 50 per cent.

Michael Blake, the regional chief executive of the firm, told Reuters in an interview (11 October) that most of the new client relationship managers will be based in Singapore, while the rest will be in Hong Kong. The bank has already met two-thirds of the hiring target so far. UBP later confirmed the report's details to WealthBriefingAsia when asked about the matter.

The bank manages around $153.12 billion of assets, with Asia accounting for 14 per cent of the total, according to its disclosures.

The bank does not disclose wealth manager headcount in the region. By end-2022, it had a global workforce of around 1,960 people. 

“UBP wants to continue to grow clients in both North and Southeast Asia regions," Blake was quoted as saying. 

While the new hires in Hong Kong will cover Greater China and the Philippines markets, the team in Singapore will serve clients from the domestic markets, as well as those from the neighbouring southeast and south Asian markets, he added.

In additional comments emailed to this news service, UBP said: “UBP wants to continue to grow clients in both North and Southeast Asia regions. While the new hires in Hong Kong will cover Greater China and the Philippines markets, the team in Singapore will serve clients from the domestic markets, as well as those from the neighbouring southeast and south Asian markets.”

UBP has two offices in China, one in Shanghai and the other in Haikou in the southern Hainan province. The rest of its Asia presence spans Hong Kong, Singapore, Tokyo, and Taiwan.

The Geneva-based bank manages a programme in China called QDLP, or Qualified Domestic Limited Partnership, via its Haikou office, which allows Chinese clients to invest in offshore assets. The bank said this has proven a popular offering.

Like several Swiss banks, Asia is an important hunting ground for UBP. In May this year, UBP announced that it had acquired 100 per cent of the shares issued by Angel Japan Asset Management, a Tokyo-based independent investment advisor specialising in the Japanese small-cap equities space. Since 2005, UBP has had a presence in Tokyo, operating through UBP Investments, which provides asset management services covering traditional assets and alternative investments to clients based in Japan, as well as to global investors seeking to build Japanese exposure.

UBP has made senior appointments in Asia, as reported here.