Ultrahigh net worth

The firm has sought to broaden the range of clients it targets with its wealth-advisory services.

Clients have been jolted into engaging with their total wealth, not just their money, says UBS’s Ultra High Net Worth and Private Wealth Management Americas head John Mathews.

Wealthy clients are the fastest growing segment of the company’s retail division.

Fortunes in the tech and health care sectors jumped by 43% and 50%, respectively.

“I would not be doing my job as somebody that is totally committed to making our Americas’ business a top competitive business for Julius Baer if I wasn’t seriously looking at a U.S. platform,” said Beatriz Sanchez, the bank’s head of the Americas.

The pandemic has underscored the need for more socially and environmentally responsible financing.

Credit Suisse has discovered fraud at its international wealth management business, two years after it was criticized by a regulator in a similar case that rattled the bank and raised questions about controls.

The move is one of the largest of the year.

Any tax increases on high-income individuals and corporations would be offset by massive spending packages targeted at accelerating the country’s recovery from the coronavirus, according to the firm.

Procyon Partners, which caters to UHNW clients and retirement plans, had a rocky separation from the same former firm.

Perceptions on relationships, health, and lifestyle have also changed.

The move follows efforts to reduce expenses in the company’s global wealth management business.

“They’re now realizing: Let’s actually get the contingency plan in place,” said Dominic Volek, head of sales at Henley & Partners, the world’s biggest citizenship and residency advisory firm.

Affluent investors are concerned about transparency, performance and value, according to a new report by Capgemini.

Talks had focused on plans to attract $15 billion of assets under management, mostly from wealthy Latin Americans, according to people familiar with the matter.

As much as $16 trillion of global wealth may be wiped away this year as a result of volatility and economic fallout from the pandemic.

“The stocks that I hadn’t heard of three months ago all of a sudden are the most active — that’s not where investors go, that’s where traders might go or hobbyists might go,” says a private wealth advisor at UBS.

About 6% of the country’s family offices have more than $5 billion of assets under management, while roughly a third control $500 million or less.

Nicole Pullen Ross also heads an initiative to handle wealth management for athletes and entertainers.

The firm plans to reshape how it lends to billionaire clients, especially loans that are backed by hard-to-sell assets.