By: Rachael Boon
Hyflux executive chairman and group chief executive Olivia Lum, has joined tennis star and five-time Grand Slam champion Maria Sharapova on a global advisory board for UBS Wealth Management.
The board is part of a five-year plan to better serve women, said the private bank recently, including a commitment to help increase the financial confidence of a million women.
The other advisory board member from the Asia-Pacific is Ms. Jane Jie Sun, chief executive of Chinese online travel service Ctrip.com International, which is backed by Baidu.
Senior wealth management executives will work closely with the board, which held its first meeting late last month.
Ms. Tracey Woon, the vice-chairman of UBS Wealth Management, said: “As Asia leads the way in wealth creation, many of our Asian female clients have told us that they wish to be served in ways that also focus on family, legacy and societal impact than pure investment outcomes.
“The inclusion of Asian females in our advisory board further enhances the diversity of viewpoints as we provide a holistic offering to take care of our clients’ business, investment, family legacy and philanthropic aspirations.”
UBS research has found female investors are expected to place US$2.3 trillion (S$3.2 trillion) in socially responsible investments by 2021. Also, more than half of Asian female billionaires are self-made, compared with 19 per cent in the United States and 7 per cent in Europe.
Dr. Mara Harvey, managing director at UBS Wealth Management, noted that the amount of private wealth controlled by women is set to grow faster than that of men year-on-year for the next five years.
She said: “The advisory board will play a pivotal role in helping us shape the future of our business – one that supports women in all their investment needs.
“We want to provide women with the knowledge and confidence to make the best financial decisions for them and to achieve the social impact they want.”