UBS taking ‘close look’ at US as Asia wealth business slows
UBS Group is using a “close look” at chances to mature in the U.S. just after the region assisted offset a slowdown in its Asian personal banking business in the initially quarter, Main Government Ralph Hamers reported in an job interview.
The Swiss wirehouse, which in January agreed to obtain robo-adviser Wealthfront, saw “a real pickup of demand” in the U.S. and Europe in the 1st quarter, even as consumer exercise in Asia slowed, Hamers said in an job interview on Bloomberg Television set.
“It’s a very critical geography for us, it is strategic,” Hamers reported about the U.S. “So wherever we can, we will definitely maintain our eyes open.”
UBS on Tuesday documented improved-than-anticipated earnings as its trading unit benefited from purchasers trying to find to protect them selves from the money influence of larger interest fees and the war in Ukraine. Hamers said uncertainty about fuel and oil shipping and delivery will go on to weigh on global economies as the war carries on.
“On the industry facet it was a really superior quarter, a record quarter,” he stated. “It’s just that the equity cash markets aspect dried up because of the uncertainty in the markets.”
Hamers stated the lender experienced “quite a fantastic e-book with extra senior roles than ever” in that business enterprise, however “the timing of these transactions coming to market place nobody can predict at this second.”
Wealth Management IN THE AMERICAS
UBS’ wealth administration company in the Americas is at this time focused on 3 fronts: technological know-how investments, which includes replacing its outdated broker and adviser workstation rising the amount of lender solutions used by money advisers and expanding its electronic offering, like the Wealthfront acquisition, to get to extra main affluent shoppers, or individuals with $1 million or extra to invest.
The Global Wealth Administration Americas group noted $12 billion in net new fee-generating belongings for the 1st quarter.
The unit experienced 6,199 fiscal advisers at the conclusion of March, as opposed to 6,218 at the finish of December, a negligible drop of a lot less than fifty percent a share point.
In the exact interval a 12 months ago, UBS International Prosperity Administration Americas claimed 6,335 economical advisers, so head count since then has decreased by 136, or 2.1%.
Bruce Kelly contributed to this report.
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