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UBS boosts Asia private banking team for ultra rich



01 October 2009 @ 04:30 am ET

SINGAPORE - UBS has redeployed two managing directors to strengthen its team catering to Asia's super-rich.


UBS boosts Asia private banking team for ultra rich
The logo of Swiss bank UBS can be seen on a building in New York August 12, 2009. UBS and the U.S. and Swiss governments agreed to settle a dispute over whether the Swiss bank should be forced to disclose the names of 52,000 rich U.S. clients suspected of tax evasion. (Reuters Photo / Lucas Jackson)
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Yeong Phick Fui, currently regional market manager for Singapore, will become a senior advisor and "dedicate her full attention to deepening relationships with ultra-high-net-worth clients" in the region, UBS said on Thursday.

Yeong joined UBS in May 2006 from Singapore's DBS Group, where she was head of the private bank.

UBS has also moved Daniel Harel from its investment bank to become managing director and head of ultra-high-net-worth clients in Singapore.

Ultra high-net worth individuals are typically clients with $50 million or more in assets to invest.

(Reporting by Kevin Lim; Editing by Saeed Azhar)

Copyright 2009 Thomson Reuters. All rights reserved.

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Comments
1.
Oct 1, 2009 8:48pm

Days are changed. Sooner or later, Swiss secrecy will be a thing of the past. Ultramodern sophisticated electronic exchanges are available at the finger tips of everybody, anywhere on this planet. Investment advice is available easily and far more economically, basically investment's not too difficult, rather trading is far more difficult - Why would anybody need a Private Banking today? UBS must have thought something but in a simple mind, it appears that private banking wings will be loss centers only.

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