UBS is planning to expand its private banking business in the Asia Pacific region by opening subsidiaries in Japan and China in the near fut...

UBS is planning to expand its private banking business in the Asia Pacific region by opening subsidiaries in Japan and China in the near future, said the bank in a recent Asian presentation. The Swiss bank estimates that, as of December 2005, it managed assets worth SFr114 billion in the Asia Pacific region. Comparative figures for competitors were cited as: Citigroup SFr98 billion, HSBC SFr75 billion and Credit Suisse SFr65 billion. "[Asian high net worths] are looking to create wealth rather than preserve wealth. If you are in the mode of creating wealth, you are willing to take a different risk profile," said Kathryn Shih, head of the Swiss bank's wealth management business in Asia and the Pacific. Ms Shih said that many Japanese investors were liquidating their real estate assets and need advice on how to manage their wealth as they move into bankable assets. UBS estimates that investable liquid assets of affluent households holding more than $197,000 in liquid assets will grow by 9.7 per cent a year in the Asia Pacific region over the next five years compared to global growth of less than 6 per cent.