UBS, HSBC Hire Aggressively in $8 Trillion Taiwan Wealth Market

Global banks are racing to secure a piece of Taiwan’s rapidly growing $8 trillion wealth market as the government eases money-management regulations to capitalize on booming personal fortunes.

Lenders including UBS Group AG, HSBC Holdings Plc and BNP Paribas SA are hiring aggressively to beef up their presence in a newly created wealth management zone launched in July in Taiwan’s gritty port city of Kaohsiung.

UBS plans to grow its client-facing staff in Taiwan by between 10% and 15% next year and expand mid- and back-office operations in Kaohsiung to manage fund flows. Standard Chartered Plc has tripled its ...