UBS, having hired a team from Merrill Lynch, is planning to launch a private wealth management division to serve ultra-wealthy investors.

The new unit will looking for accounts of $10 million and up.

Anthony DeChellis and Michael Schweitzer will run the new division, which will be divided into private wealth planning, advanced wealth strategies, and investment solutions groups.

Kevin Ruth and Michael Ban will serve as senior vice presidents and will head the private wealth planning and advanced wealth strategies groups. Jay Messing will lead investment solutions.

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