He noted that some capex-driven industries - including those in hospitality - would need more time to recover; those in industries such as healthcare and tech will grow strongly. Meanwhile, wealth-management clients are also keeping their powder dry ahead of the US elections.
Mr Koh said as well that he has not seen any significant fund movements to Singapore, despite the tensions in Hong Kong."I don't see any outflow from Hong Kong coming to Singapore," he said. So while there has been a slight slowdown in net new money in Hong Kong, these flows have not been picked up in Singapore as inflows.
The record third-quarter profit from this region was driven by a 24 per cent lift in operating income in the global wealth-management segment at US$705 million, with the percentage growth outpacing all other regions. Cost-to-income ratio for the Asian global wealth-management operations stood at 63 per cent, the second-lowest after that of Switzerland at 62 per cent. Year-to-date net credit loss expenses have been"immaterial", the bank said.
Overall, UBS posted this week a 99 per cent jump in third-quarter profit. Net profit hit US$2.1 billion for the three months ended Sept 30, which beat expectations for US$1.56 billion, a Reuters report said.For daily updates on weekdays and specially selected content for the weekend. Subscribe to
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