SINGAPORE (March 15): UBS Wealth Management has set up new department called the Resident Foreigner Team to cater to what the bank calls the “underserved” yet growing population of foreign residents in Singapore. Services provided by this team include planning for children's education and saving for retirement.
 
“We see tremendous potential for this client segment and this is a great opportunity for us to further accelerate the growth of our footprint in this important market," says August Hatecke, head of UBS Wealth Management South East Asia.
 
This team is headed by Sean Straton, previously Credit Suisse’s team leader for Indonesia.
 
As the wealth management firm in the world, UBS Wealth Management in Asia Pacific has more than 1,000 relationship managers in this region and some 292 billion Swiss francs ($409 billion) in assets under management.