UBS is to stop providing discounted services
to ultra high net worth (UHNW) clients.
The Swiss private banking giant had provided
severely discounted services to its UHNW clients to stem the mass
outflow of client assets during the financial crisis.
Go deeper with GlobalData
In the past three years, UBS saw the
withdrawal of CHF195.1bn Swiss ($228.6bn) in UHNW clients’ funds
driven by $50bn of write downs in mortgage-linked investment
products and its wrangle with US authorities over the tax details
of 4,450 UBS customers who were US citizens.
Now UBS’s head of private banking, Juerg
Zeltner, has called for an end to the client discounts and wants
them to pay a full price for the bank’s services.
Closer co-operation between private
and investment banks
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataZeltner also wants UBS’s wealth management
business to partner more closely with its investment bank to
provide UHNW clients with sophisticated investment banking
services.
UBS continued its strong recovery in the first
quarter of 2011 recording a 2% gain from its 2010 year-end
results in invested assets to CHF1.49trn ($1.7trn).
Net new money inflows amounted to
almost CHF15bn as of 31 March, a dramatic turnaround from the
CHF15bn outflows from the first quarter results a year ago.
