By Alison Tudor and Yuka Obayashi
TOKYO (Reuters) - Swiss bank UBS (UBSN.VX: Quote, Profile, Research, Stock Buzz) is expanding its wealth management business in Japan, bringing its brand of tailored banking to the rich of the world's second-biggest economy.
UBS, the world's biggest wealth manager, is in its third year of operation in Japan and is busy pulling in new clients.
"We have been opening accounts on a daily basis" said Jean-Claude Humair, head of wealth management at UBS Japan.
The task has been made easier by a greater sense of adventure amongst Japanese investors, famed in the past for hoarding cash and property. Humair added the recent crisis in credit markets created opportunities for his clients to enter new fields at discount prices.
"Japanese investors are more open to diversifying their wealth across products, asset classes and geographies," he said.
Japan's new Financial Instruments and Exchange Law (FIEL) has also made his life easier.
"The FIEL is positive for the development of the wealth management industry in Japan as it sets proper guidelines for all financial institutions to follow and it will increase investors' confidence in financial institutions."
Globally, UBS has a 3.5 percent market share in wealth management and said it had 862 billion Swiss francs ($726.8 billion) under management at end 2006. Continued...
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