UBS to increase number of US advisers suing ‘largest wealth pool’ | Job Binary

UBS said it wants to bring more transparency to philanthropy and use investment capital to reduce the risk nonprofits take on running programs — freeing up their resources for more projects.

UBS boosted hiring of U.S.-based financial advisers in the third quarter as its global headcount was flat – a signal to rivals that the Swiss banking giant is chasing the biggest prize in global wealth management.

“The US is a very important region for us. It’s the largest pool of wealth in the world,” the bank’s CEO Ralph Hamers said on Tuesday’s earnings call. “We expect that to grow by about 5% over time. So that’s the focus of our strategy. That’s why we’re going to continue to invest in it.”

Gross profit at the Zurich-based bank fell in the July-September period as income from depressed client assets fell. But that’s it to beat earnings expectations as its wealth business delivered strong results in the Americas. Revenue for this key regional segment was $3.4 billion, though it was down 13 percent from $3.9 billion a year ago.

Hamers, who joined the company in 2020 after leading a digital transformation at Dutch bank ING, is trying to flatten hierarchies and traditions in a campaign to make UBS tech-centric despite a failed deal to buy Wealthfront. He is in conflict with the strong competitor — Iqbal Khan, UBS president According to Bloomberg, global wealth management is favored by traditionalists in the company reporting.

Hamers seemed to strike a balance in its earnings statement, saying UBS is helping financial advisers in the US market “further digitally improve in terms of supporting what they do” through digital banking and robo-advice. . But the bank is also “looking at business that orders more from the high-net-worth segment, family offices,” he said.

Scroll down the slideshow for UBS’s third-quarter earnings highlights. Click for coverage of the firm’s second quarter earnings Here. See below for first quarter results this link.

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