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  1. Wealth
January 13, 2010

BusWeek: UBS expecting China revenue to double

By Spear's

Jan. 11 (Bloomberg) — UBS AG, the world’s second-largest manager of assets for the rich, expects private-banking revenue from China to at least double annually as the ranks of wealthy swell and regulators ease curbs on what products it can sell.

Jan. 11 (Bloomberg) — UBS AG, the world’s second-largest manager of assets for the rich, expects private-banking revenue from China to at least double annually as the ranks of wealthy swell and regulators ease curbs on what products it can sell.

“Our future growth is never talked about in anything less than 100 percent every year,” said Richard Leung, head of wealth management at UBS Securities Co., the company’s venture in China, in a telephone interview from Beijing. “We talk about how many folds of growth a year every year. I would say not too many markets talk about that kind of growth.”

The combined wealth of China’s millionaires overtook that of the U.K. to rank fourth worldwide in 2008, according to an annual survey by Merrill Lynch & Co. and Capgemini SA. UBS Securities, 20 percent owned by the Zurich-based bank, plans to further expand the services it offers rich clients in China that include fixed income and mutual funds, Beijing-based Leung said.

Goldman Sachs Group Inc.’s local venture partner in China, Beijing Gao Hua Securities Co., plans to expand its wealth management operations through new retail branches it’s setting up, people familiar with the matter said last week.

To read the full story, visit businessweek.com

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