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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: UBS targets 20-plus pct growth in Taiwan in '09 Reuters - Thursday, December 18 By Faith Hung TAIPEI, Dec 17 - UBS, the world's largest wealth manager, said on Wednesday its Taiwan assets under management should grow faster in 2009 than this year's expected 20 percent, as recently opened branches start to make new contributions. UBS <UBSN.VX> <UBS.N> is aiming for growth of more than 20 percent in its client assets on the island next year, topping 2008 but well below the 50 percent growth achieved in 2007. "The growth forecast would be among the best in Asian markets, though it is not as strong as what we have achieved in the past few years," Dennis Chen, managing director of UBS Taiwan, said at a business event. He declined to disclose the size of its assets under management. Unlike many major international banks which have cut back on staff due to the global economic slowdown, UBS had no such plans, for now in Taiwan. "We'll still look for senior client advisers aggressively next year. Having said that, we will be very conservative when it comes to investments," he said. The Swiss bank, Taiwan's top player in wealth management and private banking, has 240 staff, including 90 client advisers, said Chen. UBS recently added two branches in the central and southern cities of Taichung and Kaohsiung. With Asia's third-largest wealth management market after Japan and China, Taiwan has become a hot ground for UBS and others including Citigroup <C.N>, Goldman Sachs <GS.N>, AIG <AIG.N>, Standard Chartered <STAN.L> and HSBC <0005.HK> <HSBA.L>. Domestic players, such as Chinatrust Financial <2891.TW> and Cathay Financial <2882.TW>, have also been active in the market, leading to stiff competition. Shares of UBS ended up 11.87 percent in U.S. trading on Tuesday, outperforming the 4.2 percent jump of the Dow Jones Industrial Average <.DJI>. (Additional reporting by Yvette Chen; writing by Doug Young; Editing by Jacqueline Wong) Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Europe shares end lower as BNP weighs on banksReuters - 21 minutes ago Congress poised to probe Madoff's alleged fraudAP - 22 minutes ago Oil tumbles despite huge OPEC production cutsAP - 28 minutes ago GM delays Mich factory that will build Volt engineAP - 33 minutes ago Russia to stick to power price growth '09-reportsReuters - 36 minutes ago Most Popular – Business Viewed Bush laughs off Iraq flying shoes drama Arabs hail shoe attack as Bush's farewell gift Actress Jennifer Aniston appears naked in GQ magazine Oil falls after brief surge above 50 dollars Madoff due in court for Wall Street fraud View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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