Young Jin Yee quit her last job after less than six months to take on one of the hardest tasks in private banking: combining the Asia operations of UBS Group AG and Credit Suisse.
Now almost 10 months into her new role as UBS’s co-head of Asia-Pacific wealth management, the former international gymnast is making a mark.
Whether Young succeeds will help determine if UBS can translate its size advantages in wealth management into higher profits and a bigger share of a fragmented market. It will also be a factor in the latest test of whether government-orchestrated rescues of financial giants ever really work. UBS wanted a former Credit Suisse person to help run the combined business and win back the more than $100 billion that panicked clients withdrew before Credit Suisse collapsed, people familiar with the matter said. Iqbal Khan, UBS’s global head of wealth management and a former Credit Suisse banker himself, personally recruited Young, one of the people said.
Young’s close cooperation with Tan Kuan Ern, who was one of Credit Suisse’s top investment bankers, is helping, people familiar with the matter said. Tan and his team have handled major deals such as the purchase by United Overseas Bank Ltd., the Singapore lender shaped by the late billionaire Wee Cho Yaw, of Citigroup Inc.’s Southeast Asia retail assets announced in 2022. Entrepreneurs who do business with the investment bank can sometimes become lucrative private banking clients.
One challenge for Young is to build UBS’s business in India and Australia, markets that are seen as a way to diversify beyond a faltering China. UBS exited India’s onshore business in 2014 and spun off its Australian wealth unit the next year. Now, it’s using the Credit Suisse teams that it acquired to make a comeback.
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