UBS, leading investment bank and the world's largest wealth manager, has announced that it has opened its first US office dedicated to serving the firm’s ultra high net worth clients.
The bank announced earlier this week that an initial group of 13 Private Wealth Advisors, three Private Bankers, and related service personnel will offer a comprehensive suite of brokerage, trust and private banking services to ultra high net worth clients from a single location.
According to UBS, each of the Private Wealth Advisors has completed the firm’s in-depth internal accreditation program, a rigorous educational program covering a range of sophisticated wealth management strategies.
The 25,000-square-foot office will be located on the 25th floor at 299 Park Avenue in New York City, and is the first in a series of planned offices nationwide that will cater to the specific requirements of ultra high net worth clients based in the US. Clients will be able to draw upon the expertise of such professionals as trust and estate planners, banking and lending specialists, and alternative investment and structured products experts.
“We are pleased to offer our ultra high net worth clients comprehensive wealth management services that draw on the firm’s banking and brokerage expertise and are delivered through Private Wealth Advisors who are specially accredited to meet their unique requirements,” announced Marten Hoekstra, Head of UBS Wealth Management US.
“Successfully meeting the needs of these clients is a crucial component of our growth strategy in the US," Hoekstra added.
The office will be managed by Frank Minerva, who moves from managing the UBS Financial Services midtown Manhattan branch, and has been with the firm for more than 18 years.
UBS's wealth management division had $584 billion in invested assets in 2005.
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