Reviewing China Business Post Global Leadership Changes
Former asset management head of Credit Suisse in Asia Pacific, Min Huang, is leaving UBS as the bank embarks on reviewing its China business post global leadership changes, according to three sources familiar with the matter.
Huang joined UBS Asset Management as the China client coverage head in June last year when the Swiss banking giant unveiled its regional leaders. UBS declined to comment on the departure, and Huang has not responded to Reuters’ request for comment.
UBS Consolidates Senior Managers in China
The departure of Huang comes as UBS reviews its China setup amid a global leadership change. It is also consolidating its senior-rank managers in the asset management market. The sources, who spoke on condition of anonymity due to the confidential nature of the information, disclosed these developments.
Before joining UBS in China, Huang held a prominent role as the head of Credit Suisse’s asset management business in Asia Pacific. UBS has expressed its determination to grow in China’s $9.7 trillion asset management market.
Opportunity for Expansion in China
During an earlier statement this month, Eugene Qian, China country head of UBS, emphasized the bank’s “huge opportunity” to expand its business across investment banking, wealth management, and asset management in China.
However, UBS has yet to outline its asset management growth roadmap in China. Last July, Reuters reported that the bank had to shelve its plan to establish a new China fund unit.
Successor to Incumbent President Suni Harford
UBS announced the appointment of Aleksandar Ivanovic as the new global head of its $1.6 trillion asset management business on Wednesday. Ivanovic will assume the role in March, succeeding the incumbent president, Suni Harford, upon her retirement.
Ivanovic will be responsible for running a key division for UBS, which generated 6.5% of the bank’s revenues in the third quarter of 2023. However, compared to its wealth management business, which contributed 50% of UBS’s revenues in the same quarter, the asset management division is relatively smaller.
UBS was compelled to engage in a $3.46 billion rescue deal, including a takeover of its arch-rival Credit Suisse, last March.