Union Bancaire Privée (UBP) has established two new joint ventures with Chung Wei Yi Co in Hong Kong and Taiwan in an effort to continue the development of its asset management presence in the region.

UBP Asset Management (Asia) Co Ltd will operate across Asia ex-Japan from Hong Kong, while Taipei-based TransGlobe Securities Investment Consulting Company will concentrate on the Taiwanese market. Both companies are jointly controlled by UBP and Chung Wei Yi Co – the owner of TransGlobe Life Insurance.

“Asia is increasingly the focus of global growth and of global investing. With our combined investment expertise and shared vision we will be able to provide our global investors with a highly-specialised approach to the opportunities the region presents, and our Asian clients with access to our top-quality investment teams across the world,” said Richard Wohanka, CEO of UBP’s Asset Management division.

The move follows recent announcements of a number of senior hires in UBP’s private banking and asset management arms in Hong Kong and Singapore.