UBS Group AG UBS is positioning Asia as a renewed growth engine for its global wealth franchise after record performance in North Asia, with management planning to hire about 50 bankers for its Hong Kong wealth business. Senior executives have indicated the hiring focus is expected to tilt toward high net-worth clients, reflecting how new wealth has been created in the region, particularly as Hong Kong’s initial public offering market helped mint fresh fortunes. The bank also appears to be regaining momentum after its Credit Suisse integration, with management noting that some assets lost earlier in the process have since returned as client confidence has improved.

The Asia rebound stands out against a softer global backdrop. UBS reported $8.5 billion of global net new assets in wealth management during the fourth quarter, well below analyst expectations, largely due to outflows in the US market. That weakness was partially offset by Asia Pacific, which generated $6 billion of net new assets in the same period. For full-year 2025, Asia Pacific delivered $62.5 billion of net new assets, the strongest contribution of any region, helping the bank stabilize after a volatile period that saw many former Credit Suisse private bankers covering North Asia leave the firm. The strategic importance of the region was underscored when global wealth management co-president Iqbal Khan relocated to Hong Kong in 2024.

Operationally, UBS is expanding its footprint to support that growth. The bank has taken over a new office in West Kowloon at the International Gateway Center, expected to open toward the end of the year, bringing it closer to the Greater Bay Area. Management has also said it plans to selectively expand its onshore China wealth team, which currently has around 200 staff, while exploring partnerships on the mainland. To serve clients seeking diversification across jurisdictions, UBS maintains a 130-strong Asia Pacific team in Switzerland, about half of whom speak Mandarin, with assets under management having doubled over the past three years and a stated aim to double again by 2030. At the same time, the bank has increased scrutiny of clients’ sources of wealth and onboarding processes, with management saying conditions have improved, an issue that could matter as UBS looks to sustain inflows such as the $37.9 billion recorded in Asia Pacific during the third quarter, much of which consisted of new assets.