Asia’s best bank for wealth management 2021: UBS
Numbers don’t tell you everything, but sometimes they shout pretty loud. Apac profits for UBS Global Wealth Management grew from $560 million in 2019 to $1.1 billion in 2020; a near doubling of profitability in the middle of a pandemic. Along the way invested assets in the region passed the $500 billion mark for the first time, hitting $560 billion by the end of the year, with $25 billion of net new money.
Numbers like these have no equal in the industry. They were also mightily important to UBS globally, representing about 30% of total and about 70% of incremental profits in 2020.
How has it done this? There’s no question that in difficult times, scale creates scale. Clients trusted UBS and rewarded it with a ton of business. Much of the profitability increase was transactional, as people traded their way through volatility and sought to both position themselves defensively but ready for emerging opportunities. Transactional income in the region was up 62% year on year.