UBS AG
- HKGCC Membership No. :
- HKU0130
Success Breeds Success
Most wealth management offices that I have visited tend to be quiet, sombre affairs, so stepping out of the elevator on the 52nd floor of IFC 2 into UBS Wealth Management’s reception, I was amazed to find myself in the middle of a hive of activity.
“We employ 2,400 people in Hong Kong,” said Amy Lo, who seemed to be reading my mind. “And it is our people who are the core of our success in Hong Kong, Asiaand internationally.”
As Head of Greater China, UBS Wealth Management, and Country Head and Chief Executive, UBS Hong Kong, Lo is a prime example of how the bank retains and nurtures talent, having taken up her current position in April this year.
“For us, we do not have much difficulty recruiting talent. In fact, people often apply for a job even when we do not advertise as they realize we take care of our staff, and happy staff take care of customers.”
Passion drives everything
As Country Head, Lo said she finds her new role very fulfilling. Her goal is not just about maintaining business growth, but also creating a work environment that is engaging, motivating and inspiring. She strongly believes this allows staff to better serve customers, and she leads by example with her infectious enthusiasm.
When asked what advice she would offer young women working their way up the career ladder, she said: “I think it is important to find out where your passion lies, because it is the motivation for achievement. Passion drives everything. Just follow it and be confident. I would also add, go out of your comfort zone and believe in that you can handle whatever challenges come your way.”
People leadership
UBS celebrated its 150th anniversary last month, and its 50th year in Asia. Despite the financial gloom, the bank has been growing rapidly. This year, it hired over 100 new wealth management staff to serve its rapidly expanding client base. Lo credits the growth to the bank’s advantage of having a full range of services, from retail banking to wealth management.
She firmly believes that a people-oriented culture is the key to building an effective team. “If you focus on people, the rest will take care of itself. It’s important for a leader to help people to be successful. I believe success breeds success, so the multiplying effect is a powerful driver,” she said.
But managing a rapidly growing team in an increasingly regulated financial services sector is not without its challenges, and it has had some affect on the size of her compliance and regulatory division. However, as the bank is constantly updating its staff on new regulations, she said changes to regulations in the financial services sector are manageable.
Wealth management is UBS’s core business in Hong Kong, employing close to 1,000 employees. Lo is optimistic about the bank’s business in Asia, as Asia and Hong Kongare among the few bright spots in the global economy, “and we are right at the centre of that growth,” she said.
She also has a close eye on the Mainland market, and with the relatively strong economy there, she has no shortage of clients and families seeking investment advice. “Mainland clients are interested in exploring new investment opportunities. After the financial crisis, they pay more attention to risk management too. They come to us to seek advice on how to grow their wealth not only in Asia, but also in Europe and the U.S., which is where our global network gives us a huge advantage because we can help offer them solutions wherever in the world they are interested in investing.”
Family ties
According to Lo, around 70% of the bank’s clients are entrepreneurs who need expert advice on growing their assets. Increasingly, she is seeing more requests from aging business owners looking to secure their assets for the next generation, or pass the reins of their business to their children. In this regard, generational differences and points of view can often require an intermediary. Lo said, “Succession planning can be complex and personal. We hold family roundtables to talk to the whole family together and look at the value and vision of the founders, children and family and try to align everybody’s views and aspirations.”
Philanthropy
Many successful Mainland entrepreneurs are increasingly looking to incorporate philanthropy into their wealth management goals. She explained that people do not just want to make donations to charities, they are looking to play a hands-on role in putting their money into projects or areas that they have a personal interest in.
UBS itself is also eager to give back to the community, with the establishment of the Optimus Foundation, which makes strategic investments in charity programmes for children. UBS covers all administrative costs so that donations go directly to support programmes that improve the lives of children. The foundation’s Hong Kong branch was launched in 2013 and has initiated 18 projects in Asiaso far.
Company: UBS AG
HKGCC Membership No.: HKU0130
Website: http://www.ubs.com
Contact: 29718888
