UBS Reviewing Australia Wealth Business, Zeltner Says

Posted by Anton Murray Consulting on 20 Apr, 2015

Narayanan Somasundaram and Jeffrey Voegeli

UBS Group AG is reviewing its Australian wealth-management business, said Juerg Zeltner, president of UBS wealth management.

The evaluation may result in a sale, people with knowledge of the matter said earlier.

“It’s very obvious if you run a global business that that’s part of an ongoing process, Zeltner said in a television interview with Bloomberg’s Manus Cranny on Thursday. ‘‘You have businesses who perform extremely well and you have businesses that struggle. That’s part of performance assessment and yes, we are reviewing our business in Australia.”

Mike Chisholm, the bank’s head of wealth management in the country, spoke to his team Tuesday about the review, the people said. They asked not to be identified because the matter is private.

UBS’s global wealth-management division posted lower-than-expected earnings in the fourth quarter. After taking over in late 2011, Chief Executive Officer Sergio Ermotti has reorganized Switzerland’s largest bank to focus on money management for the rich, a business that’s under pressure from negative interest rates.

UBS targets an annual growth rate for assets under management of 3 percent to 5 percent. This is “roughly two times global growth,” said Zeltner.

While growth in net new money also slowed in the Asia-Pacific region in the fourth quarter, it grew faster than the other regions, UBS disclosed, at 7.8 percent.

“We have a bias towards emerging markets and Asia,” he said.

Bloomberg

Latest market insights

Global X ETFs introduces US infrastructure development fund on ASX

› Read more

GDG confirms Lonsec acquisition 

› Read more

Australian Ethical to grow FUM above $12bn with new acquisition

› Read more

Total super assets climb past $3.8 trillion

› Read more

Active Super, Vision Super confirm merger date 

› Read more

X feed

Australian Ethical to grow FUM above $12bn with new acquisition: https://ow.ly/wRtK50Sbo7B

Total super assets climb past $3.8 trillion: https://ow.ly/LXkZ50Sbo0s

Our client is seeking a manager for the Performance and Analytics team in Singapore, responsible for the leadership and management of one of the two reporting and analytics teams within the P&A function: https://ow.ly/WmG450SamqA

The successful candidate will have responsibility for providing Client Service Management and Operational support services for clients in the Alternative Unlisted assets industry including Property, Private Debt, Credit and Private Equity funds: https://ow.ly/FfT250S6lGs

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