UBS sees Singapore shine amid rise of region's family offices

Republic soaks up new money at quicker pace, helping to push UBS Asia Pacific's Q1 results to new high

Published Thu, Apr 29, 2021 · 05:50 AM

UBS

Singapore

SINGAPORE as a wealth centre is gaining ground at a surer pace, capturing the rise of South-east Asia's new companies and more family offices setting up in the region, said a top executive from UBS on Wednesday.

It comes as UBS Asia Pacific hit a record high in the first quarter of 2021, with pre-tax profit up 21 per cent to US$900 million.

This sum is close to the pre-tax profit of US$1 billion for all of 2019, said Edmund Koh, president of UBS Asia Pacific, at a media briefing on the bank's results in the region.

Singapore is more quickly soaking up new money. As an indication, latest fig…