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UBS Opens First US Office Dedicated to Ultra High Net Worth
UBS announced today that it has opened its first US office dedicated to serving the firm's ultra high net worth clients. 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.
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," said 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."
The office will be managed by Frank Minerva, who moves from managing the UBS Financial Services midtown Manhattan branch, and who has been with the firm for more than 18 years.
UBS is one of the world's leading financial firms, serving a discerning global client base. As an organization, it combines financial strength with an international culture that embraces change. As an integrated firm, UBS creates added value for clients by drawing on the combined resources and expertise of all its businesses.
UBS is the world's largest wealth manager, a top tier investment banking and securities firm, and one of the largest global asset managers. In Switzerland, UBS is the market leader in retail and commercial banking.
UBS is present in all major financial centers worldwide. It has offices in 50 countries, with about 39% of its employees working in the Americas, 37% in Switzerland, 16% in the rest of Europe and 8% in Asia Pacific. UBS's financial businesses employ more than 69,500 people around the world. Its shares are listed on the SWX Swiss Stock Exchange, the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE).
Karina Byrne: +1 212-882-5692
New York , July 17, 2006
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