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UBS Chairman Colm Kelleher announced plans for a future acquisition of a U.S. wealth management firm to enhance its presence in the market, following the integration of Credit Suisse. The bank, which has struggled to scale its independent broker model in the U.S., aims to improve its existing operations, particularly with Paine Webber, before pursuing further expansion. CEO Sergio Ermotti has emphasized the importance of growth in the U.S. economy, appointing Rob Karofsky to lead regional efforts.
UBS reported a profit of USD 1.43 billion for Q3 2024, a significant recovery from a USD 715 million loss in the same quarter last year, driven by strong performance across its business segments and successful integration of Credit Suisse. The bank attracted nearly USD 25 billion in new money, managing total assets of USD 6,199 billion by the end of September. Despite a cautious outlook due to geopolitical uncertainties, UBS remains committed to its dividend and share buyback plans, with Chairman Colm Kelleher aiming to lead for another five years while seeking to expand in the U.S. asset management market post-integration.
UBS Group AG chairman Colm Kelleher announced plans to acquire a US wealth management firm after completing the integration of Credit Suisse. He emphasized the need to improve the performance of Paine Webber and expressed a desire to replicate Morgan Stanley's success with Smith Barney. Kelleher noted that UBS, while the largest global wealth manager, lags in the US market and requires time to address internal issues before pursuing further acquisitions.
UBS Group AG Chairman Colm Kelleher announced plans to acquire a US wealth management firm after completing the integration of Credit Suisse. He emphasized the need to improve the performance of Paine Webber and expressed a desire to replicate Morgan Stanley's success with Smith Barney. Kelleher noted that UBS, while the largest global wealth manager, still lags in the US market and requires time to address internal issues before pursuing further acquisitions.
UBS Group AG Chairman Colm Kelleher announced plans to acquire a US wealth management firm to enhance its market presence after completing the integration of Credit Suisse. He emphasized the need to improve the performance of Paine Webber, acquired in 2000, and aims to replicate Morgan Stanley's success with Smith Barney to double profitability.
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ubs plans future acquisition to enhance us wealth management presence
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17:33 30.10.2024
ubs reports billion profit and plans further expansion after credit suisse integration
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11:46 30.10.2024
ubs plans us wealth manager acquisition after credit suisse integration
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02:56 30.10.2024
ubs plans us wealth manager acquisition after credit suisse integration
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Smith Barney Inc.
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Paine Webber Leasing Corporation
CHE
Sergio Ermotti
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20:58 29.10.2024
ubs plans to acquire us wealth manager after credit suisse integration
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Paine Webber Leasing Corporation
Smith Barney Inc.
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19:28 29.10.2024
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