Hirings in the private banking industry are increasing as financial institutions aim to improve their coverage of high-net-worth clients. In November, UBS announced the recruitment of three senior bankers into its southeast Asia ultra-high-net-worth business from JPMorgan. In October, the firm stated its intention of growing its business by as much as 100% over the next five years in Asia. It reported inflows into its wealth management business in the third quarter, after quarterly outflows since the collapse of Lehman Brothers.
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