Daily Debrief: What Happened Today (Aug 5)
Stories you might have missed
UBS is expanding its reach in Singapore's wealth market by focusing on clients with at least $2 million in investable assets. The Swiss bank is strengthening its presence in the region where a growing number of millionaires are emerging and existing fortunes are being divided among a new generation of heirs. Meanwhile, UOB is exiting its asset management business, selling it to Allianz Global Investors for S$555 million.
The sale is expected to provide a substantial capital gain for UOB and signal a shift towards open-architecture wealth distribution. In terms of local economic indicators, Singapore's retail sales increased by 4% year on year in June, surpassing initial forecasts. However, the outlook for Seatrium, a construction firm, remains uncertain as analysts are divided on whether the company can maintain its strong performance in the absence of major contract wins.
Written by urgent.news from The Business Times - Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
