UBS is forming a new global group for super-rich clients that will draw on expertise from its wealth management and investment banking arms, Switzerland’s biggest bank said in a memo yesterday.
The new Global Family Office Group (GFO) will give the wealthiest private banking clients direct access to investment banking services, the world’s second-largest wealth manager said.
The competition among the world’s top wealth managers is heating up for such clients, who have increasingly complex needs often requiring tailor-made services. The new unit will be led by Joe Stadler, head of UBS’s Global Ultra High Net Worth (UHNW) unit, and Jerry Wattenberg, who joins UBS Investment Bank from JTW International, a boutique firm he founded to offer independent investment advice to super-rich individuals and families.
“We have set up GFO to focus primarily on our up to 250 largest institutional-like or professional family office prospects and clients, who represent around two per cent of our total UHNW client base around the world,” said the memo from Joerg Zeltner, UBS CEO Wealth Management, and Investment Bank Co-CEOs Carsten Kengeter and Alex Wilmot-Sitwel.