UBS aims to grow assets in the ultra high net worth segment twice as quickly as the market as a whole as the Swiss bank recovers from credit losses and a bruising tax case in the US, Reuters reports.

"We are the market leader and so we command an ambition that is to grow two times the market, which is above 7 to 8 per cent annually in terms of invested assets," said Josef Stadler, global head for the UHNW segment. He was speaking at the Reuters Global Private Banking Summit.

UBS's ultra-rich client segment, made up of customers with more than $50 million of investable assets, is worth $300 billion, nearly 40 per cent of the bank's total private client assets outside the US.

Stadler said his segment had already turned the tide by attracting new net inflows in the first and second quarter of this year.

"Looking back, we lost less in proportion (in the ultra-rich segment) than in the (less wealthy) high net worth space and we are back faster," he said.

Stadler said UBS had not turned its back on Europe even though Asia, which already accounts for around 30 per cent of assets belonging to the super rich, is becoming increasingly popular as a wealth management hub.

"Europe is a very attractive market for us," Stadler said. "We will add new staff (in Europe), by a double-digit number over the next 12 months."

UBS has 480 client advisors dedicated to the UHNW segment, managing an average of $450 million each, but is looking to increase that figure to $500 million.

(WealthBriefing editor Tom Burroughes has provided TV commentary via the Reuters Insider channel in connection with the current summit event).