Swiss firm Union Bancaire Privee (UBP) has today announced the creation of two Asian joint ventures to enhance its offering in the fast-developing Asian market.
The two offerings will be jointly controlled by UBP and Chung Wei Yi Co., owner of TransGlobe Life Insurance, and the funds will focus on Asia ex Japan and Taiwanese markets.
UBP said it had launched the two funds in order to tap into the increased global focus on the Asian market and said that Chung Wei Yi Co.’s local expertise would prove vital in helping tackle the highly-specialised region.
Together with its partner, UBP intends to provide local clients with a full range of investment solutions, while offering its global client base privileged access to Asian markets.
The newly-created UBP Asset Management (Asia) Co. Ltd will be operated from Hong Kong, while the Taipei-based TransGlobe Securities Investment Consulting Company will focus on the Taiwanese effort.
Commenting on the joint ventures, Richard Wohanka, chief executive officer of UBP’s Asset Management division, said: ‘Asia is increasingly the focus of global growth and of global investing, so we are delighted to join forces with Chung Wei Yi Co Ltd.
‘With our combined investment expertise and shared vision we will be able to provide our global investors with a highly-specialised approach to the opportunities the region presents, and our Asian clients with access to our top-quality investment teams across the world.’
The creation of the two joint ventures is seen as a significant step forward in UBP’s expansion plans in Asia and other developing markets.
The launch of the joint venture by UBP follows its recent announcements of a slew of senior hires in both its private banking and asset management arms in Hong Kong and Singapore.