Swiss investment giant UBS is planning to further tap into the affluent segment in the US by launching a digital wealth manager in the country.

The bank will launch a digitally scalable advice model for wealthy Americans sometime next year, it said while presenting its Q3 2021 earnings report.

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.

Company Profile – free sample

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 GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

At present, UBS operates a brokerage model to sell its products to high-net-worth and ultra-high-net- worth US customers.

The latest offering will target clients who have investible assets between $250,000 and $2m.

While UBS is planning to develop the new business organically, it is also considering acquisitions to speed up the strategy.

UBS chief executive Ralph Hamers has been quoted by Bloomberg as saying in an interview: “Organic growth is basically the default. If there is an inorganic option that could accelerate us into that direction, we would certainly consider it.”

The new digital wealth business will also give customers an option to consult human adviser on their investment needs.

UBS currently caters to nearly two million customers in the US. Most of these customers are said to be ‘workplace wealth clients’ with sizeable pension funds and stock options.

The Swiss bank’s new offering, which targets this customer base, is also expected bring new clients to it.

Meanwhile, the move is likely to further spur competition with rival firms, including Morgan Stanley and Goldman Sachs.

In February this year, Goldman launched a fully digital investment management service called Marcus Invest for less affluent customers.

Last year, Morgan Stanley purchased Eaton Vance and ETrade Financial in a bid to bolster its mass affluent sector business.