United Overseas Bank Asset Management Ltd (UOB, 大華資產管理), a member of Singapore’s UOB banking group, is expanding into Taiwan in the hope of tapping into the local retirement and wealth management market, top executives said yesterday.
“There is ample room for business growth in Taiwan as people here are receptive to new fund products and high savings rates provide a good start,” said William Wang (王政修), UOB Asset Management’s chief executive officer for the region.
UOB Asset Management Taiwan is soon to file fund issuance applications after winning an operation license from the Financial Supervisory Commission last month, the first by an entirely foreign fund house in 15 years.
Foreign competitors, especially those from Europe, have opted to exit the local market and Asia as a whole due to unprofitable operations and growing tight capitalization requirements following an international financial slump and Europe’s debt problems.
“We are positive Taiwan can develop into a wealth management hub in the region despite the economic slowdown in recent years,” Wang said at a news conference in Taipei.
Dubbed one of the world’s safest financial service providers, UOB prefers to do business in a steady and stable fashion, Wang said, declining to disclose revenue or market share targets.
Wang also refused to shed light on the staff numbers, except to say that headcounts are likely to increase with each launch of a new product.
UOB Taiwan is to introduce a staff rotation whereby local employees are to be base in Singapore for three to six months to enhance their international perspectives, Wang said.
The company said it plans to launch new products each quarter and is soon to establish its product lines featuring fixed income, equity and other types of mutual funds.
UOB intends to differentiate itself from its peers with its expertise in emerging markets, particularly ASEAN, the company added.
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