Wealthy clients in Asia still ‘actively involved’ in the markets, not deterred by coronavirus outbreak, private bank says
- Activity by Union Bancaire Privee’s clients in Asia was ‘very strong’ to end 2019 and continued with a similar intensity in January, Asia CEO says
- The Swiss private bank reported a 10.6 per cent growth in asset under management in 2019, with Asia helping drive organic growth
Asia’s wealthiest have remained “actively involved” in the financial markets and have not rushed to the sidelines as concerns have grown over the effects of the coronavirus outbreak on the region’s economy, according to Michael Blake, Union Bancaire Privee’s regional head and CEO for Asia.
Activity levels among the company’s ultra-high-net-worth clients were “very strong” to end the year and continued with the same intensity in January, Blake said.
“We certainly haven't seen any noticeable sort of turning off over the last couple of weeks specifically in response to the development that we're seeing with the coronavirus,” Blake told the South China Morning Post.
The coronavirus outbreak, which is believed to have originated in Wuhan in Hubei province, has infected more than 75,000 people and led to at least 2,010 deaths.
