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...UBS’s takeover of Credit Suisse, which controversially involved $17bn of bonds being wiped out, has created the biggest global wealth manager and a dominant player in Swiss and European banking....
...It had come close to taking an activist position in Credit Suisse before it collapsed, they added, but considered the investment too risky....
...In addition to his role at Credit Suisse, Hangari is also acting chief executive of Aventicum Capital Management, a boutique asset management joint venture between Credit Suisse and QIA, which has about...
...The integrations of Credit Suisse’s wealth management and investment arms will follow, while UBS is planning to make a decision over the fate of its domestic business by the end of the summer, according...
...The former head of Credit Suisse’s wealth management business, Francesco de Ferrari, has become the latest executive of the fallen bank to leave UBS....
...The agreement is a big boost to UBS’s ambitions to significantly cut back Credit Suisse’s investment bank as it focuses on building out the combined group’s wealth management business....
...Its wealth management business — especially in the crowded but fast-growing US market — is at the cornerstone of its strategy to capitalise on buying Credit Suisse, a deal orchestrated by Swiss regulators...
...BofA’s Ryan said: “If it were not for the interest in the Credit Suisse integration and related costs at the full-year results, we would have been all over the US wealth management issues because profitability...
...Iqbal Khan, UBS’s 48-year-old head of wealth management, is in the spotlight....
...Credit Suisse had frittered away its hard-won reputation through a series of scandals and management mis-steps. These had already depressed the share price to a three-decade low by the end of 2022....
...In the four months following UBS’s March rescue of Credit Suisse, Julius Baer pulled in SFr9.2bn ($10.6bn) of new money, boosting its assets under management to SFr441bn, and poached scores of relationship...
...UBS managed to attract $22bn of net new money into its wealth management business in the quarter by offering attractive interest rates....
...UBS began its ascent in March, aiming to integrate its acquisition of local rival Credit Suisse. Investors had doubts whether it would succeed. Some of those concerns have dissipated like high clouds....
...Its latest results also reported a 4 per cent year-on-year fall in wealth management profit, a 54 per cent rise in retail and corporate banking profit, a 91 per cent drop in asset management profit — mainly...
...But the wealth unit reported $22bn of net inflows, with the Credit Suisse Wealth Management business notching up its first quarterly net inflows since the beginning of 2022. Yes, clients left....
...And yet, UBS — bolstered by its takeover-cum-bailout of Swiss rival Credit Suisse — and its big US rivals are crowding into wealth management as eagerly as ever. There are at least three reasons....
...UBS was investing in its wealth management arm and offering incentives to advisers in a drive to win back the more than $200bn of assets that Credit Suisse clients pulled from the bank in its final year,...
...The low price UBS paid for Credit Suisse reflected the market’s concerns about asset toxicity within Credit Suisse and the ability of UBS to retain wealth management clients....
...UBS’s wealth management head Iqbal Khan shook up the leadership of the Middle East operations over the summer following the takeover of Credit Suisse, having been under pressure to keep staff from both banks...
...Net new money inflows to the wealth management business annualised at just over 3 per cent, beating the lower pace of the first four months....
...Norway’s $1.4tn sovereign wealth fund has become the biggest shareholder in UBS, as the Swiss lender tries to win over international investors to the benefits of its historic takeover of Credit Suisse....
...UBS has shaken up the leadership of its critical Middle East wealth management operations as it comes under pressure to keep staff happy following its takeover of Credit Suisse....
...As well as being a European bank, UBS is also a globally important wealth manager. The prize asset the business gained from the March deal was Credit Suisse’s own wealth management division....
...That goes double for claims arising from the precipitous and suspicious cancellation of Credit Suisse’s additional tier 1 (AT1) bonds....
...In a further email to UBS’s wealth management staff seen by the FT, Khan said Yves-Alain Sommerhalder would run Credit Suisse’s wealth arm, while former Credit Suisse executive Jin Yee Young had returned...
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