Crestone acquires UBS Wealth Management
Crestone Holdings Limited has announced it has finalised the acquisition of UBS Wealth Management Australia and has begun operating with $14 billion in assets under management.
The acquisition comes after UBS Wealth Management ceased providing wealth management services in the Australian market in May 2015, citing increased regulatory and client requirements, and complex operational processes as obstacles to operating in a sustainable manner.
It had announced the wealth management arm would transition to Crestone, a staff-owned entity.
The transition was initially slated for last year but it was changed to an acquisition and the start date was moved to June.
The firm, headed by former UBS Wealth Management chief executive, Mike Chisholm, has 170 employees, including 70 investment advisers who worked together at UBS for around 10 years, encompassing the majority of advisers who were formerly at UBS.
It has offices in Sydney, Melbourne, and Brisbane. The firm provides advice and portfolio management services to high net worth clients, family offices, not for profit organisations, and financial institutions.
Crestone has also secured a global network of strategic partners including UBS, Commonwealth Bank of Australia, Credit Suisse, Northern Trust, and platform provider, Avaloq.
AUTHOR
Malavika Santhebennur
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
