UBS Group AG expects that most new clients of its family-office will be from Asia, Bloomberg reports. Number of family offices opened in Asia recently is much bigger than in other parts of the world.

Total wealth of China’s richest people grew last year by amazing 65% to $177 billion. In accordance with Bloomberg Billionaire Index, that includes 500 wealthiest people in the world, 27% of the list lives in Asia.

Ultra-rich people in Asia today are considering more complex global investment decisions, UBS experts say. Last year bank based in Zurich received license for private funds in China that allowed investment unit starting managing money for institutional and very rich people from the largest economy in the world. As a result, UBS is going to increase number of its family-office personnel. In Europe, bank plans increasing revenue from existing clients.

Global Family Office of UBS was created about seven years ago, in order to sell advice on funds and investment banking to largest and active wealthy clients. Today it has stable position in the world, especially in places, where wealth is concentrated, including Switzerland, Hong Kong and Singapore.

Competition in this sector is rising and such rivals, as Credit Suisse Group AG and JPMorgan, are getting closer.

Invested assets of Global Family Office doubled during last five years to 120 billion Swiss francs.

Concept of family office is quite new for Asia despite fast growth of family wealth there. Out of 5300 world’s family-offices, only 17% are present on the continent. Such comparatively new market opens new opportunities for the bank that can help cliente in the very beginning when they need advice the most.