The Zurich-listed banking and wealth management giant said that UBS veteran Yan Lau will head the new unit and co-ordinate UBS’s existing expertise in philanthropy, family advisory, wealth planning and other non-financial services into a holistic offering for UHNW clients in the region.

"The regional family services unit, the first of its type in the wealth management industry, was established to satisfy the increasing demand from clients in this sector for non-financial services such as philanthropy and family advisory,” said Amy Lo, head of the UHNW for Asia Pacific.

The new unit will seek to provide advice on all non-investment related topics to UHNW clients across Asia Pacific, UBS said in a statement.

Lau was a tax consultant at Price Waterhouse before joining Standard Chartered, where he headed North Asia fiduciary services. Lau joined UBS in 1991 and, most recently, was a cluster head in the Hong Kong UHNW team. He will report locally to Lo as well as to Mario Marconi, global head of family services.

Earlier in December last year, Credit Suisse Private Banking said it was opening a family office hub in Asia, appointing Bernard Fung as head of family office services in Singapore.