And the winner is…UBS!
As reported by Reuters on March 28 for OnWallStreet, UBS AG’s American wealth management division has pulled ahead in the race to attract top producers by the use of aggressive recruiting practices and large signing bonuses.
Since January, 48 brokers with $6 billion plus in client assets under management have gone over to UBS…far more than any other competitor, according to Reuters tracking of top brokers on the move.
Besides the large bonuses, the company’s “boutique” culture inside a major financial institution is appealing to established brokers. Under the leadership of Robert McCann, chief executive of UBS Wealth Management Americas since 2009, the company claims their small size gives brokers more access to senior management with less bureaucracy and “big bank” atmosphere.
The Swiss Bank is depending on the growth and strength of its wealth management business in its Americas unit especially since its huge losses during the credit crisis and the probe into offshore tax evasion not to mention the $2 billion rogue trading scandal. Next…an overview of what their offering and the risks involved.