—Reuters
BEIJING: UBS Group AG’s global co-head of wealth management says it will be key for clients to diversify investments amid political tension and economic instability.
“In a world that’s geopolitically more charged and potentially less global, being diversified is important,” said Iqbal Khan, speaking to Bloomberg Television at the bank’s Greater China conference in Shanghai yesterday.
UBS is the biggest wealth manager in the Asia-Pacific region with more than 1,000 client advisers. The Swiss bank last year relocated Khan, to Hong Kong, underlining the region’s importance even amid a prolonged downturn in the Chinese economy.
Khan also added the US is a key market for the Zurich-based lender. The bank still expects US interest rate reductions, albeit a bit slower than anticipated.
He reiterated the bank’s commitment to Asia and to China, where UBS is waiting to gain approval to purchase the remainder of a securities venture in the country. — Bloomberg
