UBS is targeting China and Japan for business growth in asset and wealth management as well as investment banking, the bank’s newly appointed Asia-Pacific president Kathryn Shih told FinanceAsia.
The bank is embarking on a general build-out of its China-based operations. Chief executive Sergio Ermotti said at a conference in Shanghai on Monday that UBS planned to double its mainland headcount to 1,200 from today's 600. This includes more than doubling the number of wealth managers it has in the country.
Ermotti also highlighted a focus on asset management, predicting that China would increase its outward direct investment. “QDII overseas investment stands at just $90...
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