UBS Group AG aims to double staff at its China investment banking business in 3-5 years, seeking to capture growth opportunities unleashed by China’s capital market reforms, a senior executive said.

Eugene Qian, chairman of UBS’ China brokerage venture, also said there’s a price to pay for not investing in China, describing the Trump administration’s measures to restrict investment toward China as “unnecessary.”

“As China continues to open up its capital markets, more foreign capital is coming in, making talents in China scarce,” said Qian, chairman of UBS Securities Co.

The brokerage venture currently employs more than 200 people in investment banking, brokerage and research roles, excluding back office and other support staff, and aims to double that number.

“No global investor can ignore China. If you don’t invest in China, you would underperform those who do,” he said.

In addition to investment banking, UBS Group also plans to aggressively expand its wealth management and asset management business in China. Having more than doubled total China staff to nearly 1,300 since 2015, the Swiss group will continue to make “strategic hirings,” Qian said.

Global banks and asset managers are ramping up investment in China as the country fully opened up its financial sector last year. Foreign capital is also pouring into Chinese stocks and bonds.

In the latest move against China, outgoing U.S. President Donald Trump banned U.S. investment in some Chinese firms. Such curbs are “unnecessary,” Qian said. (SD-Agencies)