UBS, Coutts target onshore wealth in HK

Private banks say they see an immediate opportunity to deepen their penetration of Hong Kong’s high-net-worth community amid signs clients are becoming more open to an asset-allocation approach. Estimates indicate that as little as 20% of the city’s wealth is being managed by private banks, amid competition from retail banks, mutual fund companies, individual asset managers and life insurers. “It’s a fragmented business,” admits Jean-Claude Humair, regional market manager for Ho…