UBS expanded its Global Family Office group (GFO) to the Americas region at the end of 2012, completing the bank’s GFO strategy to serve clients across Europe, Asia and the Americas.
GFO, which is a joint-venture between UBS Wealth Management and UBS Investment Bank, was launched in January 2011 and now manages around $50bn in assets.
The joint-venture took over the business handled by UBS’ UHNW institutional group.
The bank’s family office services focus on UBS’ 250 largest institutional-like or professional family office clients and potential clients, which represents about 2% of UBS’ total UHNW client base, the bank said.
Seven hubs strategy
With the expansion complete, UBS will offer its GFO services in seven hubs, including London, Geneva, New York, Hong Kong, and Singapore.
"We are convinced that GFO now offers a unique competitive advantage, allowing us to tap into the growth potential of current and prospective family office clients, gain market share and further strengthen UBS’s role as an industry leader in this field," UBS said in a joint statement from wealth management CEO Jürg Zeltner, investment bank CEO Andrea Orcel and Americas CEO Bob McCann.
UBS’ most recent financial results showed its wealth management Americas unit delivered a third consecutive record quarterly pre-tax profit, up 9% to $230m in the third quarter 2012.
UBS’ wealth divisions reported improved pre-tax profit, up 20% to $642m from $513m in the same three month period.