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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.
Credit Suisse (CS) faced severe liquidity issues during the Covid crisis, being the only global systemically important bank unable to meet its requirements, which led to failed merger talks with UBS in 2020. UBS later acquired CS in 2023, benefiting from the latter's weakened state and government guarantees, avoiding the risks and costs associated with a merger three years earlier. UBS's management had long viewed CS as doomed, particularly after its 2015 strategy under Tidjane Thiam, which was seen as a dead end.
Ralph Hamers, currently CEO of ING Group, will succeed Sergio Ermotti as CEO of UBS on November 1. After transforming ING into a digital banking leader over six years, Hamers will leave ING on June 30 and join UBS on September 1, following a decision not to extend Ermotti's term. This leadership change at UBS comes shortly after a similar transition at Credit Suisse.
Ralph Hamers, the former CEO of UBS, has taken on a new role as an advisor and investor at fintech Arta Finance, marking his first public commitment since leaving UBS in March 2023. His departure followed the Credit Suisse takeover, where he was replaced due to trust issues regarding the integration.At Arta Finance, which is backed by former Google executives, Hamers aims to demonstrate his understanding of the digital business, positioning the platform as a contender among leading wealth managers globally.
Ralph Hamers, the former CEO of UBS, has joined Arta Finance as an external senior advisor, marking his first major role since leaving UBS. Arta, an AI-driven wealth management startup founded by ex-Google executives, aims to democratize wealth management for clients with over $1 million and has recently launched its services in Singapore. With Hamers' expertise in digital transformation, the firm plans to expand its Wealth-as-a-Service platform for banks, enhancing access to sophisticated investment tools for mid-market clients.
Ralph Hamers, the former CEO of UBS, has joined Arta Finance, a US wealth management platform founded by ex-Google employees, as an angel investor and advisor. The firm aims to democratize asset management using artificial intelligence, targeting accredited investors with a low-threshold offering. Hamers, who recently stepped down from UBS, sees significant potential in integrating technology and finance to enhance asset management services.
Ralph Hamers, the former CEO of UBS, has joined AI wealth management start-up Arta Finance as an external senior adviser and investor. The company, founded by ex-Google employees, aims to provide AI-driven wealth management services to mid-market clients, initially in the US and expanding to Singapore and India. Hamers, who previously sought to enhance UBS's digital capabilities, is currently under investigation in the Netherlands related to a money-laundering case from his time at ING.
Ralph Hamers, the former CEO of UBS Group AG, has joined Arta Finance, a digital-wealth platform founded by ex-Google employees. As an external senior adviser, he will help the firm leverage artificial intelligence to democratize family office-style investing for a broader audience.
Ralph Hamers, former CEO of UBS, has joined Arta Finance, a digital wealth firm founded by ex-Google employees, as an external senior adviser and investor. Arta aims to democratize family office-style investing using AI, targeting accredited investors in the US and Singapore, with plans to expand into India. Hamers, who previously led ING through a digital transformation, is exploring various fintech projects while taking a measured approach to future executive roles.
Ralph Hamers
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ubs plans us wealth manager acquisition after credit suisse integration
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ralph hamers joins arta finance as senior adviser and investor
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