UBS Group AG is reentering the Australian wealth management market after nearly a decade. The Swiss bank is leveraging its acquisition of Credit Suisse to establish its presence again, with a focus on wealthy women and family offices.
UBS aims to expand its current management of over $30 billion in high net worth assets in the region. This aligns with the bank's broader goals for growth in the Asia Pacific, where wealth accumulation has been robust. The merger with Credit Suisse has positioned UBS among the top-tier wealth managers in Australia, allowing it to tap into a rapidly growing market. However, UBS faces competition from established players like Morgan Stanley, which manages over A$41 billion in client assets.
UBS's strategy includes targeting wealthy women and family offices, as well as the growing interest from the not-for-profit sector. The bank has observed a shift in its client demographics, with women outnumbering men among its Australian clientele. UBS is prioritizing the development of a diverse team of client advisors to cater to the unique needs of this emerging client base. The bank has also seen a surge in interest from the not-for-profit sector, driven by a desire to diversify investment portfolios.
UBS's recent merger has provided it with an advantage by integrating investment banking services with wealth management, offering clients direct access to private investment opportunities. This integration has enhanced the firm's ability to serve family offices by connecting them directly with its equities execution floor. UBS recognizes the challenges ahead as it aims to recover lost market share in a competitive environment.
UBS's commitment to diversity and inclusion within its advisory teams aims to resonate with its growing female clientele and position the bank as a forward-thinking institution.