(Bloomberg) -- UBS Group is shutting its Australian wealth management unit amid competition from local brokerages.
The units former head, Mike Chisholm, and some senior advisors are creating Crestone Wealth Management, a new firm thats expected to be operational from October, Crestone said in a Tuesday statement. Most of the client advisors and senior managers from the UBS business have indicated their intention to join Crestone, it said.
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