UBS Wealth Management has established a new service to provide financial services to cater to foreigners residing in Singapore.
The new Resident Foreigner Team has four international bankers especially dedicated to this 'underserved' segment of the Singapore community - and UBS plans to double the staff by the end of 2017.
Besides offering financial advice, the team will offer financial solutions tailored to the needs and preferences of foreign residents in Singapore.
The target client base is C-suite executives and entrepreneurs who have lived in Singapore for a long period of time, with plans to stay for the foreseeable future.
August Hatecke, head UBS Wealth Management South East Asia, said: 'We have had requests over the years to provide specialized financial services to foreign residents in Singapore and this new service gives us the ability to provide a seamless banking experience whether they bank in Singapore or their next home.
'We see tremendous potential for this client segment and this is a great opportunity for us to further accelerate the growth of our footprint in this important market.'
The resident foreigner team will work closely with high net worth clients who demand access to a global platform with a range of financial and investment solutions, including planning for children's education and saving for retirement, key concerns for foreign residents in Singapore.
The team is headed by Sean Straton, desk head, resident foreigner team, UBS Wealth Management Singapore.
Straton was previously from Credit Suisse where he was the team leader for the Indonesia market and prior to that, was head of Westpac Private Bank, Singapore.
He reports to Eddie Gan, managing director, market head, Singapore, UBS Wealth Management.
Gan added: 'Investing in building a dedicated client coverage team supporting high net worth foreign residents in Singapore is a key milestone in our strategy.'
UBS Wealth Management is Asia Pacific's leading global wealth manager with CHF 292 billion in assets under management (AUM) and more than 1,000 client advisors in the region.