UBS Strengthens Australia Desk with Singapore-Based Hire Amid Offshore Wealth Competition

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UBS Global Wealth Management has expanded its Australia offshore team with the appointment of Carl Ashton as relationship manager based in Singapore. Ashton reports to Oliver Bareau, head of UBS GWM Australia International. Ashton joins from Citi Private Bank, where he spent 19 years, including leading investments for Australia, New Zealand, and non-resident Indian markets. UBS described the hire as a strategic move to support the growth of its Australia International team, launched in Singapore last year to serve global Australian clients.

The Australia offshore wealth market, served from Singapore, is highly competitive, with UBS, HSBC, and JP Morgan competing for affluent Australians seeking to diversify investments beyond their home market. UBS also re-entered Australia’s private wealth sector through its 2022 acquisition of Credit Suisse’s local business.

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