UBS has named two senior executives for its ultra high net worth business in Asia, who will work to build a global family office team in the region, this publication can exclusively reveal.

UBS has named two senior executives for its ultra high net worth business in Asia, who will work to build a global family office team in the region, this publication can exclusively reveal.

The Swiss bank has hired private banking veteran Joseph Poon as head of UHNW for Southeast Asia, effective 2nd July, said an internal memo signed by Amy Lo, head of UHNW for Asia-Pacific.

Poon joins from Julius Baer, where he was managing director and a member of the
firm's Asia executive committee. Previously, he was chief executive of Macquarie
Private Wealth Asia in Singapore and responsible for building up the
UHNW segment in Asia. He joined Julius Baer early this year after the Australian bank's wealth management unit was acquired by the Swiss boutique. Before that, he worked for US lender JP Morgan in Singapore. 

Meanwhile Daniel Harel, currently head of UHNW for Southeast Asia at UBS, will take over as head of global family offices for Southeast Asia, also effective 2nd July.

Harel has over 18 years of experience, most of which has been with UBS' investment bank. The memo said: "Harel's appointment fulfils his desire to work more closely with our most sophisticated and institutional like clients in the region, delivering our full One Bank capabilities."

Harel will also build a dedicated GFO team, focusing on acquiring new clients.

UBS prides itself in its 'One Bank' model, where divisions like the
investment bank, private wealth and asset management businesses are able
to draw on each others' expertise. An entrepreneur in the private bank
for example, is in theory seamlessly able to access the investment
banking capabilities to float or sell their business.

Crowded at the top

The UHNW space, which caters for clients with over $30 million of liquid assets and above, is growing increasingly competitive amongst global banks looking for a slice of Asia's fast growing wealth pool. 

UBS established the Asia UHNW unit last year, which includes philanthropy, family advisory and wealth planning. The bank launched the GFO group in September 2010.

But it is not alone. Rivals have been bolstering their UHNW and family office divisions within the last year or two. Citi recently formalised its global family office group for clients with $25 million and above, and last year Credit Suisse launched its first family office and philanthropy unit in Singapore.

HSBC established its Family Office Partners unit in 2010, aimed at tapping Asia's ultra rich.