Crestone’s Mike Chisholm hasn’t kept all of UBS Wealth Management

Posted by Anton Murray Consulting on 31 May, 2015

Joe Aston

Now to that other bastion of corporate self-delusion, Swiss financial services shop UBS.

A modest 100 per cent of the bank’s wealth management advisers want to make the dutiful jump to spin-off Crestone, according to its boss, Mike Chisholm. It took him just hours to revise that retention figure down to 90 per cent. But both numbers were implausible.

Chisholm called staff into a meeting last Sunday and sought commitments from them on the spot. That grated, given that Chisholm’s biggest revenue writers had been shopping themselves (and their clients) around mid-tier firms for weeks – but failed to attract a bidder. And, despite all that’s been said and done, that Crestone doesn’t even have a financial services licence!

No surprise then that now at least a third of advisers are negotiating with the likes of Melbourne boutique Escala (run by former colleagues), a growing Shaw Stockbroking, or Koda Capital. After all, in the Australian market, the UBS name ain’t what it used to be…

AFR Weekend

Latest market insights

Lonsec makes new executive appointments

› Read more

RBA names new head of domestic markets

› Read more

Why nuance matters in ESG investing

› Read more

Fed issues warning to banks over crypto-assets

› Read more

Asset managers urged to adopt uniform ESG standards

› Read more

Twitter feed

RBA names new head of domestic markets: http://ow.ly/ZIAa50MLhHk

This is an exceptional Unit Pricing Analyst position, working for a highly-regarded super fund based in Melbourne on an initial 6-month contract: http://ow.ly/roiP50MK80k

Why nuance matters in ESG investing: http://ow.ly/3UjJ50MK7Ev

Our client is a leading Australian financial institution seeking an experienced and knowledgeable Treasury Operations candidate to join and lead their small Treasury Ops team: http://ow.ly/Syuv50MIBIh

Sign up to our newsletter

Sign up to our newsletter

"*" indicates required fields

By subscribing to our newsletter I agree to the collection, use and disclosure of my personal information in accordance with our Privacy Policy