UBS poised to return to wealth management in Australia

AFR

UBS is planning a return to wealth management in Australia – some eight years after it exited the local market with a spin-off – as it works through last month’s 3 billion Swiss franc ($4.9 billion) takeover of rival Credit Suisse. UBS, which is the largest wealth manager in the world, views Credit Suisse’s private banking business as complementary to its global strategy and a combination with one of Australia’s biggest wealth management shops as a key component of its expansion in Asia. “Wealth management is core to UBS, representing our largest business globally,” Nick Hughes, joint country head and chief operating officer for UBS Australasia, told The Australian Financial Review.

“We recognise the success of Credit Suisse’s Australian private bank, and look forward to building on that success.” Credit Suisse Australia’s lucrative wealth management arm, which banks some of the country’s richest people, has been dubbed the jewel of the takeover by UBS. Under the UBS banner, Credit Suisse’s private banking operation is expected to slot in alongside the investment bank’s existing wealth management services in neighbouring geographies.

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