UBS has opened a new private wealth management office to serve ultra high-net-worth clients in Philadelphia.

The new office, which comprises of eight wealth advisors and related service personnel, will be headed by David Sirianni.

It will provide advisory, brokerage, trust and private banking services to ultra high-net-worth clients, Philadelphia Business Journal has reported.

John Mathews, head of private wealth management, said: "UBS is building on its long history in the Philadelphia area by adding office space and staff to better serve clients in the Philadelphia community. We view Philadelphia as a key wealth market with tremendous opportunity to provide meaningful investment advice leveraging UBS’s global depth and reach."

UBS manages assets of US$1.9 trillion under management, serving a discerning global client base.