Ubs Goes On Hiring Spree For Wealth Managers Catering To Rich Americans

7/3/2023 11:08:49 PM

(MENAFN- Swissinfo) The number of people worldwide with net worth above $50 million grew more than 50% between 2019 and 2021, reaching 264,200 Keystone / Sebastien Nogier

Swiss bank UBS has gone on a US recruiting drive for wealth managers catering to rich Americans, even as it considers culling 30% of its combined global workforce after its takeover of Credit Suisse.

This content was published on July 3, 2023 July 3, 2023 Reuters/ts

UBS recruited 50 financial advisers, including from Bank of America's Merrill Lynch unit, JPMorgan Chase's recently acquired First Republic Bank, Citigroup and Wells Fargo, in the first half of the year. Of those, 30 came after the Credit Suisse deal was announced in March. The largest was BG Group, a 13-person team that managed $2.5 billion (CHF2.25 billion) at Merrill.

+ read more: why a monster ubs bank scares switzerland

With the Credit Suisse deal, UBS became the world's second-largest wealth manager. While it has a leading position in Europe and Asia, it is only the fourth-biggest wealth manager in the US, where the business of managing the finances of the ultra-rich is dominated by American banks.

“The US is the largest wealth market globally, and in recent years there has been unprecedented growth,” Iqbal Khan, UBS's president of global wealth management, told Reuters.“Investing in and building our business here is a top priority,” said Khan, who serves on the bank's executive board.

Underscoring the importance of the business, Khan met high-net-worth clients in southern California on June 12, the day UBS closed its historic deal with Credit Suisse. He also led an internal event with its best-performing financial advisers.

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