Wealthy customers of UBS Group AG are looking to buy more alternative assets as they seek to diversify investments during a volatile period for markets and global trade, according to Bloomberg, citing the firm’s Asia Pacific chief, Iqbal Khan.
In the Asia Pacific region, UBS is the biggest wealth manager with more than 900 client advisers. It faces rising competition from the likes of HSBC Holdings Plc and regional lenders such as DBS Group Holdings Ltd.
“We’ve definitely seen a significant growth of alternatives and alternatives investments in client portfolios,” Khan told Bloomberg. “It is still at a lower percentage when you think about an aggregated perspective of wealth portfolios. So, there is probably some ways to go in terms of diversification into alts.”
