UBS is spinning off its Australian wealth management arm through a management buyout, following a review of the business.
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The spun off entity, which will be entirely owned by the company’s staff, has been branded as Crestone Wealth Management.
Crestone will be headed by UBS Wealth Management Australia head Mike Chisholm.
Advisors that have not yet committed to Crestone are expected to have between 24 and 48 hours to make a decision on joining and taking equity in the venture or seeking redundancy.
Earlier this year, UBS Wealth Management stopped servicing clients with less than $1m managed by the firm.
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By GlobalDataThe strategy is expected to be continued by Crestone as well, which will focus on family office, high-net-worth as well as ultra-high-net-worth clients.
