UBS’s wealth management unit in the Americas will attempt to attract more high-net-worth assets by building stronger ties with its investment bank, according to the chief executive of the arm, Robert McCann.
At an investor conference in New York yesterday, McCann announced plans to reach his $1 billion annual pretax profit target. So far, over the first three quarters of the year, the division has earned $673 million in pre-tax profit.
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One crucial area in reaching this target was the closer cooperation of the investment bank and wealth management arms. Under UBS’ new strategy announced last year, the global wealth management business will serve as the main function of the bank with asset management and investment banking playing a supporting role.
McCann also spoke about its wealth management arm in the Americas offering many more alternative schemes for clients, such as real estate, hedge funds and private equity. This is a contrast to four years ago when less than 2% of client’s assets were invested in alternatives.
He added that turnover among financial advisors as low and said that when if an advisor left, it would be for one of the bank’s larger competitors, not to the independent channel.
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By GlobalData
