UOB aims to double wealth-fee income from Asia's HNW segment in 5 years, launch private wealth arm

UOB on Friday said it aims to double its wealth-management fee income from the high net worth (HNW) segment within five years, amid the wealth boom in Asia.

To grow its HNW client base across the region, it will establish a private wealth arm to develop "progressive" products and services to meet the needs of these clients, said the lender in a statement.

UOB's HNW segment currently accounts for half of its total wealth-management fee income.

With a significant portion of Asian HNW clients accumulating their wealth through their family business interests, the bank said it is seeing an increased opportunity with its one-bank approach to serve, holistically, the personal and corporate banking needs of its clients.

As part of its growth plans, it has hired Chew Mun Yew, who will join the bank in December and report to Eddie Khoo, UOB head of group retail.

Mr Chew has more than 20 years of experience in the financial services industry in Asia, holding senior roles in fields that have included strategy, risk management and wealth management. He was also a senior banking and insurance regulator for more than five years.

Mr Khoo said of him: "With the depth of experience that Mun Yew brings to the table, we are well-positioned to accelerate our HNW business strategy and to enhance our offering to HNW clients across the region."

In the first half of 2021, UOB's wealth-management assets under management rose 7 per cent to S$137 billion. Its wealth-management fees went up 32 per cent.