There's a price to pay for not investing in China, said UBS' Eugene Qian.
UBS wants to double its staff in its China investment banking arm in three to five years, taking advantage of opportunities opened by Beijing’s capital market reforms, reports Reuters.
Eugene Qian, chairman of UBS’ China brokerage venture, also said there’s a price to pay for not investing in the country, describing the Trump administration’s measures to restrict investment toward China as “unnecessary.”
The venture currently employs over 200 people in investment banking, brokerage and research roles, excluding back office and other support staff.
UBS also plans to aggressively expand its wealth management and asset management business in China. Having more than doubled its total China staff to nearly 1,300 since 2015, the Swiss group will continue to make “strategic hirings”, Qian said.
Here’s more from Reuters.
Do you know more about this story? Contact us anonymously through this link.