UBS Closing Australian Wealth Division

According to reports out of Australia UBS Group AG is closing its Australian wealth management unit. It was widely known that the Australian business had been under review. Last month the president of UBS wealth management Juerg Zeltner confirmed a strategic assessment of the business had been commenced.

Michael Chisholm the current UBS Wealth Management Australia head who has been with the Swiss bank since 2010 along with senior client advisers are said to be moving over to a newly formed business, Crestone Wealth Management. It is understood that the newly formed wealth manager will be wholly owned by its staff.

The staff shifting to the new entity Crestone are said to account for the majority of the existing UBS unit’s income.

The Asian Wealth Times contacted UBS in Zurich however the bank declined to make any comment on the changes.

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