UBS AG (UBSN) is seeking to bolster its position as the largest manager of private wealth in Asia by looking for millionaires in an unlikely place: the lower-income part of Hong Kong. Switzerland’s largest bank is searching for clients in Kowloon, a name derived from the Cantonese translation for “nine dragons,” and the New Territories, said Amy Lo, the Hong Kong and Greater China head for UBS’s wealth unit. While average incomes are 27 percent lower on the north side of Victoria Harbour than on Hong Kong Island, the business people include toy, electronic and plastics entrepreneurs who like being closer to their ... (full story)