UBS AG, Switzerland’s biggest bank, reported first-quarter earnings that beat analyst estimates on higher revenues at the investment bank and in wealth management.
When UBS AG wealth manager Abdallah Najia came to Switzerland from Dubai in March for a week of training, he was as stunned by the message as by the scenery.
UBS AG is facing “more headwinds” as Europe’s sovereign debt crisis alarms clients and threatens the biggest Swiss bank’s goal of reversing withdrawals this year, said wealth management head Juerg Zeltner .
UBS AG’s head of wealth management excluding the Americas is advising clients to remain “cautious” in their investment decisions this year.
UBS AG must retain a global investment bank alongside its worldwide asset management business, Juerg Zeltner, head of wealth management at the bank, told Finanz & Wirtschaft.
UBS AG, Switzerland’s biggest bank, said it was ranked top in the latest annual global private banking survey conducted by Euromoney magazine, beating Credit Suisse Group AG.
UBS AG Chief Investment Officer Alexander Friedman is masterminding a push by Switzerland’s biggest bank to develop a performance track record that will attract rich clients as Swiss secrecy erodes.
UBS AG, the world’s third-biggest manager of money for the rich, promoted Alexander Friedman to serve as the global chief investment officer for both of its wealth management units.
UBS AG’s Juerg Zeltner, head of the firm’s wealth-management unit, said turbulent financial markets are creating “upheaval” for the private-banking industry.
UBS AG may struggle to regain its position as the world’s biggest wealth manager after the $2.3 billion trading loss at its investment bank.
"We still have a lot of work to do."
- Juerg Zeltner on Feb 06, 2013