UBS wants to expand its wealth management services, especially in Asia, CEO Peter Wuffli told a newspaper on Monday. “Our prime intention is to reinvest in the segments which are most promising for our core business to stimulate organic growth without harming our risk/return profile,” he told L’Agefi when asked whether the bank would continue to use excess capital to buy back its own shares.
“To this (we want to) add selective acquisitions which would reinforce, rapidly and effectively, our main activities, foremost in Europe and United States. But we also want to invest in Asia,” Wuffli added. He said the global market for asset management was still very fragmented, with UBS’s 2.2 trillion Swiss francs ($1,780 billion) in assets under management giving it a market share of only around three percent.
“We see great growth opportunities (in this sector) with Asia in particular as the driving force. It is a structurally stable growth sector where UBS will continue to increase its market share,” Wuffli said. UBS plans to buy back up to 6.0 billion Swiss francs of its own shares this year, returning capital to shareholders it does not need for its banking business, after having bought back some 4.5 billion francs worth of stock in a programme launched last year.