UBS expands in Asia, Middle East and Africa

Swiss banking group UBS is forming a “strategic alliance” with Standard Chartered Bank for fund distribution in Asia, the Middle East and Africa. Although the scope of the agreement has yet to be finalised, it is envisaged that it will give Standard Chartered’s retail and wealth management businesses access to UBS Global Asset Management’s capabilities as well as to a number of UBS investment bank products including structured products. It is also intended to provide momentum to UBS’s third-party wholesale business in Asia.

In a separate move UBS Global Asset Management also acquired Standard Chartered’s mutual funds management business in India for CHF 147 million. “The purchase provides UBS with a strong investment team and a broad, local distribution network throughout India,” says Hong Kong-based Christof Kutscher, head of UBS Global Asset Management, Asia Pacific.

Formerly known as ANZ Grindlays Asset Management Company, Standard Chartered Asset Management Company was incorporated in 1999. It is the ninth