(Bloomberg) UBS Group AG leaned on its investment bank to post better-than-expected profit in the first quarter after its key wealth management business was hit by slowing client activity and rising costs.
The Zurich-based bank reported net income of $2.
UBS Group is starting a digital wealth manager in the U.S. to grab a bigger share of the country’s market for retirement savings and stock options, in a move that will pit it against the top Wall Street banks on their home turf.
(Bloomberg) UBS Group AG is starting a digital wealth manager in the U.S. to grab a bigger share of the country’s market for retirement savings and stock options, in a move that will pit it against the top Wall Street banks on their home turf. The new digital bank will service affluent customers with between $250,000 and $2 million in assets, a group UBS hasn’t previously targeted in a meaningful way, Chief Financial Officer Kirt Gardner said Tuesday. While the bank plans to build the business organically, it’s open to acquisitions to accelerate the strategy, according to Chief Executive Officer Ralph Hamers. “Organic growth is basically the default,” Hamers said in an interview with Bloomberg TV. But “if there is an inorganic option that could accelerate us into that direction, we would certainly consider it.” The new business, scheduled to start some time next year, would be almost entirely digital but customers would still have the option to call on a human adviser,
(Bloomberg) UBS Group AG is starting a digital wealth manager in the U.S. to grab a bigger share of the country’s market for retirement savings and stock options, in a move that will pit it against the top Wall Street banks on their home turf. The new digital bank will service affluent customers with between $250,000 and $2 million in assets, a group UBS hasn’t previously targeted in a meaningful way, Chief Financial Officer Kirt Gardner said Tuesday. While the bank plans to build the business organically, it’s open to acquisitions to accelerate the strategy, according to Chief Executive Officer Ralph Hamers. “Organic growth is basically the default,” Hamers said in an interview with Bloomberg TV. But “if there is an inorganic option that could accelerate us into that direction, we would certainly consider it.” The new business, scheduled to start some time next year, would be almost entirely digital but customers would still have the option to call on a human adviser,