UBS Announces New Team Dedicated To America's Super-Wealthy

by Carla Johnson, Investors Offshore.com

20 May 2004

Swiss-based investment bank UBS, yesterday announced the roll out of a new service dedicated to catering for the needs of America’s growing number of ultra high net worth individuals, as competition for this lucrative sector of the market intensifies on Wall Street.

According to the bank, whilst the number of ultra high net worth households (those with a net worth exceeding $10 million) is relatively small at 100,000, they represent some $2.8 trillion in investible assets, illustrating the importance of this segment of the market

“As the world’s largest private wealth manager, UBS is extremely well positioned to become the leader in this very important client segment in the world’s largest wealth market,” said Mark B. Sutton, Chief Executive Officer for UBS Wealth Management USA.

“By leveraging our private banking heritage and the global capabilities of the firm’s other business groups, Investment Banking and Global Asset Management, UBS can offer investors the highest standards in the industry.”

Mr Sutton added that UBS has recruited a specialist team from rival banks in order to oversee its new wealth management service.

UBS Wealth Management USA, under the name UBS Financial Services Inc, has a clientele of more than 2 million and employs some 7,400 financial advisors in more than 356 branch offices nationwide.

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