UBS increases rewards for Asia private bankers – Bloomberg

Feb 26 (BestGrowthStock) – Swiss bank UBS (UBSN.VX: )(UBS.N: ) raised
the maximum bonus limit for its private bankers in Hong Kong
and Singapore to 200,000 Swiss francs ($185,000), Bloomberg
said, citing an internal document.

Employees who bring in new money from rich clients this
year will stand to benefit, it said.

Bankers who bring in at least 10 million francs of “net new
money” in 2010 will get a minimum 0.1 percent of the amount,
and those who amass at least 50 million francs a year will get
0.05 percent of what they generate, the report said.

The Swiss bank capped the maximum award at 200,000 francs,
and the internal document did not specify the previous bonus
limit, it said.

UBS Singapore-based spokeswoman Julie Yeo declined to
comment to Reuters on staff compensation.

Wealth managers, who have been bulking up their business in
Asia, have poached bankers from UBS, which is the region’s
biggest private bank. [ID:nSGE61700S]
($1=1.078 Swiss Franc)
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(Reporting by Sakthi Prasad in Bangalore and Saeed Azhar in
Singapore; Editing by Mike Miller)

UBS increases rewards for Asia private bankers – Bloomberg