Union Bancaire Privée (UBP) has hired industry veteran Alfred Tsai as vice chair for Asia, based in Hong Kong.
Tsai brings over 35 years of financial services experience to the position, having most recently worked at BNP Paribas Wealth Management as head of China for seven years.
Prior to that, he has held various senior management positions at investment and private banks including Citibank, UBS, Credit Suisse, Merrill Lynch and Julius Baer.
In his new role at UBP, Tsai will be responsible for developing new client relationships and driving business growth. He will report to the Asia CEO Michael Blake, and Eric Morin, who is the head of North Asia and CEO for Hong Kong.
UBP has been doubling down its efforts to capture the wealth boom in North Asia, where it has seen business grow by over 50% since 2016. The bank is also increasing its focus on alternative investments and distribution partnerships in a bid to capture a larger share of the Chinese market.
‘Our strategy at UBP is to continue to increase our penetration, particularly in the family office and UHNW [ultra-high-net-worth] segment, which represents a significant proportion of the assets which we manage,’ Morin wrote in a statement.
In Asia, UBP manages over CHF 14 billion ($13.9 billion) in assets, and employs 80
has grown its relationship manager headcount by over 10% to 80 this year.