Top UBS banker in Australia sees role helping ultra-rich invest abroad

UBS Group expects rich Australians to seek more investment outside the country as assets grow and they want to diversify more.

Anthony Sweetman, UBS’s Australasia joint country head, said he’s pushing to maintain and strengthen the firm’s market position in Australia as investor needs change.

“In Australia, you will see a continued growth in wealth and larger demand for wealth services,” Sweetman said on Monday (Nov 11).

Like the company’s institutional and pension investors, “you will see wealth investors look more globally than they may have historically, which is positive for our business given its global focus”.

UBS last month posted results that topped expectations, driven by trading and progress on controlling costs after integrating Credit Suisse. Australia and Singapore have been key markets in the Asia-Pacific this year, the firm’s regional president has said. The bank’s shares reached the highest since 2008 last week.

Sweetman also said he’s expecting more money to flow into Australia due to its attractiveness on the global playing field.

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“Certainly what we have seen over the last 12 months is a significant level of foreign direct investment activity by corporates in particular that we expect to continue,” he said. That’s driven by “fundamentals and demographics in Australia” where there is a relatively “more positive growth outlook and an attractive place for foreign companies to invest”.