UBS announced today that it will merge its American and international wealth businesses into a new division called Global Wealth Management, with effect from 1 February.
The group highlighted it began to more closely align the businesses two years ago and said it has made good progress converging the Chief Investment Office, UHNW and Global Family Office segments into global organisations. It described combining the wealth divisions as "the natural next step in the evolution of the wealth management franchise". UBS said the combined business will enable the bank to "more effectively leverage the purchasing power of its CHF2.3trn invested asset base and realise greater synergies across technology, innovation and other areas of investment". It said...
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