UBS is the latest Top 10 global private bank
to launch a specialist family office unit.
The new unit, Global Family Office Group, will
partner its ultra high net worth (UHNW) arm and investment bank,
taking over the business handled by its UHNW Institutional
Group.
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The GFO will focus on its 250 largest
institutional-like or professional family office clients and
potential clients, which represents about 2% of UBS’ total UHNW
client base.
“These clients often have highly complex and
specialised requirements, and many of them want the direct access
to investment bank services which we can offer via the new unit,”
the bank said in a memo shown to PBI.
The banks follows hard on the heels of HSBC
and Citi who have started specialist family office units to service
their high net worth clientele. The services typical match up
investment bank and institutional services and products for HNW and
UHNW clients.
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By GlobalDataUBS committed to ‘one bank’
integration
UBS’ GFO launch indicates the Swiss wealth
manager’s commitment to the integrated bank model despite
increasing client disquiet over a ‘product push’ mentality which is
seen as one of the most unpopular aspects of the “one bank”
model.
HSBC launched its service
for families and their family offices, Family Office
Partners, in August. The clients will be served by its private bank
in partnership with its global banking and markets unit. An
initial target list of 50 clients with their own family
offices has been drawn up. Merrill Lynch scrapped plans for a
family office in March 2009, despite being mooted prior to its
acquisition by Bank of America.
UBS’ GFO is to be led jointly by global UHNW
head Joe Stadler and Jerry Wattenberg, who joins UBS Investment
Bank from JTW International, a consultancy Wattenberg founded to
offer independent investment advice to selected UHNW individuals
and families.
“We are convinced of the global growth
potential of this innovative and exciting new joint venture between
wealth management and the investment bank,” UBS said.
UBS said further GFO news will be announced in
late October.
