UBS Eyes Family-Office Growth From Asia's Ultra-Rich Clans

UBS Group AG expects most new family-office clients to come from Asia as global banking rivals compete to manage funds and broker deals for the world’s wealthiest clans. “The number of family offices being set up in Asia far outpaces” the rest of the world, Anurag Mahesh, head of the bank’s family-office operations in Asia, said in an interview. The collective fortunes of China’s richest people grew by a staggering 65 percent, or $177 billion last year, according to the Bloomberg Billionaires Index, a ranking of the world’s 500 richest people.