Australian Wealth Management Business to be Reviewed by UBS
Published By : 17 Apr 2015 | Published By : QYRESEARCH
UBS AG launched recently a review of their Australian wealth management business, according to the chief executive representing wealth management division at the the Swiss bank.
Also, the statements to the Wall Street Journal showed an article which was published in Australian Financial Review cites some unnamed sources, stated the Australian unit which could be sold prior to the end of the year.
Mr. Zeltner stated in an email that however no decision has yet been taken. Also, UBS in the month of February declared a minute growth in the fourth quarter profit which is thanks partly to a tax gain. However, they warned that if the Swiss Franc’s value growth persisted this could put pressure on their performance and profitability targets. Also, in Australia UBS is offering client’s its wealth management, asset management, and investment banking services.
According to Mr. Zeltner it was quite obvious if they run a global business which is a part of an ongoing process. He further stated that one needs to have businesses which perform exceptionally well and have businesses which face struggle. This is the main part of performance assessment and they were reviewing their business in Australia. Zeltner further commented on the UBS targets for annual growth rate for the management of assets of 3 to 5 percent which is roughly two times the worldwide growth.
Mike Chilsom who is the bank’s head of wealth management in Australia stated that they did not ask not to be related because this matter was private.
Though the growth in net new money has shown a slowing pace in the Asia Pacific area in the fourth quarter, it still has climbed faster than other regions.