mr funny
14-04-07, 04:21
Published April 14, 2007
UBS to train 5,000 private bankers by 2010
And it'll all be done at its own wealth management campus in S'pore
By GENEVIEVE CUA
UBS has raised the bar for the competition by setting up its own wealth management campus in the picturesque and historic Command House, through which it aims to train 5,000 private bankers by 2010.
UBS head of wealth management (Asia Pacific) Kathryn Shih said yesterday the campus will train relationship managers and other support staff and 'provide an edge and thought leadership' in wealth management. 'It is a beacon of our commitment to talent development. It is a cornerstone of our strategy,' she said.
With the supply of experienced bankers very tight, UBS aims to position itself as the employer of choice. It estimates that liquid assets held by the wealthy in the region ex-Japan will grow 9.7 per cent a year until 2009, compared with less than 6 per cent globally.
The bank's wealth management business in the Asia-Pacific doubled its invested assets to 151 billion Swiss francs (S$189 billion) between 2004 and 2006, translating to a compounded annual growth rate of 37 per cent.
The wealth management campus is expected to serve also as a venue for clients to familiarise themselves with the latest investment approaches.
UBS has received accreditation under the Financial Industry Competency Standards framework, spearheaded by the Institute of Banking and Finance, for all job roles under the category of relationship management for high net worth clients.
Trade and Industry Minister Lim Hng Kiang said the establishment of the campus is timely. It will not just add to the number of private bankers but 'produce a new high breed of high-calibre private bankers who can manage increasingly complex and sophisticated demands from a younger and more savvy generation of wealth transfer beneficiaries, entrepreneurs, professionals and investors joining the pool of wealth owners'.
UBS Group chief executive Peter Wuffli said UBS's business is about relationships and its primary asset is human capital. 'The critical success factor is ultimately the quality of the relationship between the client and the representative of the firm.'
The financial industry used to earn its pay through transactions, but margins on transactions alone are thinning, he said. 'Where we can add value is dependent on the human factor, the relationship factor - how can we help a client make the right decision, whether he is planning for his retirement or estate planning for future generations?'
UBS to train 5,000 private bankers by 2010
And it'll all be done at its own wealth management campus in S'pore
By GENEVIEVE CUA
UBS has raised the bar for the competition by setting up its own wealth management campus in the picturesque and historic Command House, through which it aims to train 5,000 private bankers by 2010.
UBS head of wealth management (Asia Pacific) Kathryn Shih said yesterday the campus will train relationship managers and other support staff and 'provide an edge and thought leadership' in wealth management. 'It is a beacon of our commitment to talent development. It is a cornerstone of our strategy,' she said.
With the supply of experienced bankers very tight, UBS aims to position itself as the employer of choice. It estimates that liquid assets held by the wealthy in the region ex-Japan will grow 9.7 per cent a year until 2009, compared with less than 6 per cent globally.
The bank's wealth management business in the Asia-Pacific doubled its invested assets to 151 billion Swiss francs (S$189 billion) between 2004 and 2006, translating to a compounded annual growth rate of 37 per cent.
The wealth management campus is expected to serve also as a venue for clients to familiarise themselves with the latest investment approaches.
UBS has received accreditation under the Financial Industry Competency Standards framework, spearheaded by the Institute of Banking and Finance, for all job roles under the category of relationship management for high net worth clients.
Trade and Industry Minister Lim Hng Kiang said the establishment of the campus is timely. It will not just add to the number of private bankers but 'produce a new high breed of high-calibre private bankers who can manage increasingly complex and sophisticated demands from a younger and more savvy generation of wealth transfer beneficiaries, entrepreneurs, professionals and investors joining the pool of wealth owners'.
UBS Group chief executive Peter Wuffli said UBS's business is about relationships and its primary asset is human capital. 'The critical success factor is ultimately the quality of the relationship between the client and the representative of the firm.'
The financial industry used to earn its pay through transactions, but margins on transactions alone are thinning, he said. 'Where we can add value is dependent on the human factor, the relationship factor - how can we help a client make the right decision, whether he is planning for his retirement or estate planning for future generations?'