Winners rationale

The ongoing intergenerational wealth transfer and the increasingly sophisticated needs of UHNW investors in Asia are driving the growth and evolution of family offices in the region. In turn, private banks are actively positioning themselves to effectively capitalise on the opportunity, not only to serve traditional wealth management needs but also business needs — an ever more critical undertaking owing to the current late-stage cycle, shrinking global liquidity, and a flurry of disruption in various sectors.

In 2018, UBS showcased its ability to leverage the various capabilities of the group to meet the needs of family offices in Asia. Although boasting a strong investment bank with a comprehensive offering that covers global markets and corporate finance is merely a prerequisite to competitively obtain market share in the segment, it is UBS’s capacity to collaborate with the division and integrate such solutions onto its platform that separated the bank from its peers last year.

Ensuring that family offices are not treated as the second-class citizens of the institutional client universe, UBS’s commitment to the segment is indisputable. Its Global Family Office unit — a dedicated entity created as a strategic partnership between UBS’s wealth management and investment banking arm — further invested in human capital by hiring more front office staff and enjoyed increased support from investment banking staff, process quality specialists, UHNW advisors, and senior private bankers.

As a result, UBS’s ‘one bank’ business line recorded an extensive list of success stories. It executed multiple block trades for a billionaire client in Asia that resulted in a significant accumulation of stocks in a single listed firm, and throughout the year, the bank onboarded a number of family offices which — owing to UBS’s investment banking capabilities — saw assets or revenue double. Further, the integration of the bank’s Americas business into UBS Global Wealth Management recorded immediate returns from synergies including a USD IPO for a Chinese client’s automotive business.

As a result of stronger internal collaboration and greater dedication of resources to the family office segment, UBS posted stellar revenue and asset growth, as well as a remarkable 44% net increase in new clients during the year under consideration.

UBS is Asian Private Banker’s Best Private Bank – Family Office Services for 2018.