UBS has vaulted back to the upper tier of Australian wealth managers after the merger of the two Swiss banks provided a pathway back into a market it had exited in 2015. It’s now up against foreign players such as Morgan Stanley as well as domestic-focused firms like Shaw and Partners, vying for business in one of the world’s fastest growing wealth markets.
UBS Group is returning to wealth management in Australia after it exited almost a decade ago, tapping the Credit Suisse franchise it bought to make a renewed charge.
The firm is targeting the rising number of rich women and family offices in the country, according to its local wealth chief. For a nation of less than 30 million people, it’s become a key market for UBS. It plans to grow the more than US$30 billion ($40.49 billion) in high-net-worth money it manages there as part of the firm’s wider Asia Pacific expansion goals.
