INSUBCONTINENT EXCLUSIVE:
to work from home, cancel travel and avoid the golf course
including UBS Group AG and JPMorgan Chase - Co
that have seen a jump in trading this year as the virus roils markets
The trading surge has helped dull the pain of a health crisis that has otherwise frozen parts of their Asian banking businesses, from
increased more than 30 per cent in February from a year earlier as wealthy customers traded more, said Kam Shing Kwang, regional chief
world, boosting activity at stock exchanges and bringing in more revenue for bank trading desks
Some 49.1 billion MSCI Asia Pacific Index shares changed hands on Feb
26, the highest level in history, according to data compiled by Bloomberg.
BloombergIn Hong Kong, trading exceeded HK$100 billion ($12.9
billion) on 24 of the 28 days after the Chinese New Year holiday, according to data from the Hong Kong exchange
28 alone was the highest in a year
Asia is the region where wealth managers from UBS, Credit Suisse Group AG and others are seeking to grow
lives.
While the virus has provided a short-term boost to trading, the travel restrictions have made it harder to win new private bank
clients, especially in China
Some banks are signing up new customers digitally, though most new accounts have to be opened in person.
The risk for these banks is that a
Boston Consulting Group Inc
prospective customers in his city because his firm has curbed travel and there are limited ways to reach mainland Chinese investors.
Another
While his business in the first quarter is holding up, the outlook is dim if the outbreak persists, he said
Both bankers asked not to be identified speaking on client matters.
The crisis has opened up opportunities with existing clients as investor
caution grows, bankers say
Blake at UBP said structured product volume has doubled from the same period a year ago as clients reduce risk and look for some downside
deployed after the global stock pull back.
JPMorgan and UBS are among banks that have allowed relationship managers to use WeChat, a popular
messaging app in China, to communicate with clients on the mainland and maintain engagement
