(Bloomberg) -- UBS Group is shutting its Australian wealth management unit amid competition from local brokerages.

The unit’s former head, Mike Chisholm, and some senior advisors are creating Crestone Wealth Management, a new firm that’s 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.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access