UBS is set to open new global family office business in Australia to manage investments for the nation’s wealthiest families and help them forge partnerships with similar businesses overseas.
The new project will combine together the investment banking and wealth management businesses of UBS in Australia to serve the needs of the bank’s existing and other family office in Australia, according to publication ‘The Australian’.
The new venture will be launched by Future Fund chairman David Gonski alongside Westfield executive chairman Frank Lowy in Sydney.
UBS GFO Australia head, David Wilson, said the new venture would target 30-50 family office-type clients in Australia.
"At the same time we have seen a desire from Australian family offices to invest in the US and other places offshore to diversify their risk," Wilson added.
Michael Chisholm, UBS Wealth Management Australia head, said: "One thing we have noted is that family offices are also looking to partner up with other family offices for co-investment opportunities. It is important to look at what other family offices around the world are doing."