UBS is gaining the assets of the wealthy faster than the growth rate of the world’s rich, according to Marcel Rohner, global head of the Zur...

UBS is gaining the assets of the wealthy faster than the growth rate of the world’s rich, according to Marcel Rohner, global head of the Zurich-based bank’s wealth management division and deputy chief executive. In an interview with in the Swiss press, Mr Rohner said the world’s wealthy are growing annually by 5 to 6 per cent, but “we are growing faster, gaining 9 per cent of new money” of the world’s rich. Separately, the bank’s chairman Marcel Ospel told NZZ am Sonntag that he is optimistic for the outlook, this year and beyond, but added that UBS was cautious about growing competition, particularly from Singapore and London. Mr Ospel further ruled out any large acquisitions but said acquisitions serving to complement the core business, as those that have been made in the past can be reckoned with. Asked in which areas the group plans to invest, he said it will continue to do so in its core businesses of asset management, investment banking as well as in its private and business banking in Switzerland, while stepping up investment in Asia, Latin America and Eastern Europe.