Does that mean the next acquisition is already on the agenda?
In Asia, we can definitely grow organically and we’re hiring larger teams of relationship managers. However, another acquisition would certainly help us to take a quantum leap forward. That said, at the moment there aren’t any attractive takeover targets.
Has a new cycle begun, following the recent years of consolidation?
Probably. Financial institutions that had to review their strategies and have come to the conclusion that they should pull out of Asia or Switzerland, have since done so. The wave of consolidation has come to an end.
What would be the critical mass for UBP in Asia?
There’s no exact figure. We are profitable in Asia, but we haven’t yet reached critical mass. The level is probably around the point at which it becomes too big to be managed properly and according to our culture and values.
What’s your growth rate if you just grow organically in Asia?
Michael Blake (UBP's Asia Head, pictured above): Over the last three years, we’ve grown by 45 percent. To my mind, that’s a healthy rate of growth that we want to sustain, but this has to happen in a controlled way.
«In other words, you can’t prove it, or at least it’s not what we’re seeing»
We don’t want to take on thirty new relationship managers in one year, only to cut twenty of them twelve months later. If we keep up the current momentum, so about ten to fifteen new RMs per year, that’s about right.
What effects are the pro-democracy demonstrations in Hong Kong having on your business?
Let’s put it this way: clients are concerned, but at the moment they’re waiting to see how the whole situation develops.
In financial circles, there’s talk that the wealthy are relocating their assets from Hong Kong to Singapore. Is that true?
The problem with that assertion is that it’s complete hearsay. In other words, you can’t prove it, or at least it’s not what we’re seeing.
Guy de Picciotto: In all honesty, I doubt this is happening, although there might be banks that are working on it.
Do you now go to Hong Kong more often to monitor the tense situation there?
Blake: No. Generally, I’m in Hong Kong about twice a month. In terms of our day-to-day business, there has been no major change. There remain a lot of business opportunities across the whole greater China region, including in Hong Kong.
Where is UBP seeing the strongest growth in Asia?
Definitely in China, Taiwan, and Hong Kong. Business with non-resident Indian – or NRI – clients is also attractive, and the Singapore and Thai markets are showing significant growth.
How do you convince clients to opt for UBP rather than for one of the myriad other banks?
In Asia, we are seeing strong demand for tailored asset management mandates, especially from clients with assets of at least $10 million. At UBP, private clients can benefit from the solutions offered to institutional clients and this makes a difference.
«Hardly anybody knows how to pronounce my surname»
On top of that, we’ve got a great deal of know-how in advising family offices, as well as advising wealthy families, who want to set up a family office. This is an expertise we’ve recently launched in Asia.
