UBS to split wealth management
In a sign of the increasingly difficult times, UBS announced this week that it would be splitting its global wealth management business into two divisions – one covering the US and another covering the rest of the world.
However, according to reports out of the US, the move has failed to dampen speculation that UBS ultimately intends to spin off the business.
Analysts pointed out that while the Wealth Management International and Switzerland business had posted a profit for the fourth quarter of last year, the US business had posted a pre-tax loss.
AUTHOR
Mike Taylor
Recommended for you
Russell Investments has partnered with financial advice firm Invest Blue to launch a managed portfolio offering to deliver broader private market access for Australian advised investors.
Franklin Templeton has continued the review of its fixed-income fund range, with multiple changes announced across 15 funds, including several management fee reductions.
Insignia Financial has reported net inflows of $448 million into its asset management division in the latest quarter, as well as popularity from advisers for its MLC managed accounts.
With ASIC questioning the dominance of research houses when it comes to retail usage of private market funds, a research house has shared how its ranking process sits alongside ASIC’s priorities.
