Spy was as surprised as the rest of the market that NAB sold its Asian wealth management business to OCBC this week. NAB had flown so far under the wealth radar that most people were surprised it had a wealth management business in Asia. The sale was the first publicity it seems to have had in years. In a discussion about this development with a prominent fund sales person this week (over a very modest glass of Chianti) one message rang
UBS Group AG plans to hire about 100 wealth management client advisors over the next two years in Hong Kong, the biggest wealth hub in Asia-Pacific, to grab a bigger share of the fast-growing mid-tier millionaire segment.