UBS is aiming to in the important American asset management business in the coming years, a strong improvement in earnings. In the medium to long term, the global number one in this Segment, the potential for a doubling of its profits on the continent, as responsible for the Region, asset management Co-chief Executive officer Tom Naratil said in an Interview with the Reuters news Agency said.
the rich Succeed, with the increased focus on super. In the future, the Bank could get by with significantly less than the currently around 6'600 customer advisors, continued Naratil. The remaining consultants are to take the super-rich to bring in customers, and increasingly, services for the Bank's lucrative. This applies for example for asset management contracts, or loans. Of uncertainty, a lot of customers, at present, a significant proportion of their assets in cash on the accounts; the Bank earns nothing.
"Even if the number of our consultants in the U.S. falls below 6'000, then the consultants who are twice as productive as it is today would be measured in terms of the income per consultant. If we give us this profile, then we will have in five to ten years, to a business that pays probably twice as much profit as it is today," said Naratil more. In the past year, UBS had achieved in wealth management in North and South America pre-tax profit of 1.5 billion dollars - significantly more than in the other regions. Group-wide, there were 6.4 billion dollars.
The new focus on the American market had been announced by the Bank at an investor conference about a year ago. Outside of the United States, UBS is already represented heavily in the business with the super-rich. In the highly competitive American market, the focus was so far, but rather with the Rich, with assets up to $ 100 million. Now UBS wants to address explicitly the super rich with even more money.
With the growth of new advisors won't take UBS from American competition, should help. There, among other things, large banks such as JP Morgan or Goldman Sachs are represented. The Institute do, however, selectively, said Naratil. In total, the number of consultants in the U.S. has shrunk in the past few years. With you have deducted, but also customers their money: In the first three quarters of the year, UBS recorded below the line, the drains of eight billion dollars. This seems to take the Bank, however in buying - and also because it is circles, the less rich customers, which UBS also earned less.
Naratil head of the UBS core business of asset management in a double top with the previous Credit-Suisse-star Manager Iqbal Khan, who has joined a few weeks ago to UBS. Both of them are considered candidates for the succession of the UBS chief Sergio Ermotti, he should take in a few years his hat. (Dec/sda)
Created: 01.11.2019, 19:56 PM