Crestone acquires UBS Wealth Management
Crestone Holdings Limited has announced it has finalised the acquisition of UBS Wealth Management Australia and has begun operating with $14 billion in assets under management.
The acquisition comes after UBS Wealth Management ceased providing wealth management services in the Australian market in May 2015, citing increased regulatory and client requirements, and complex operational processes as obstacles to operating in a sustainable manner.
It had announced the wealth management arm would transition to Crestone, a staff-owned entity.
The transition was initially slated for last year but it was changed to an acquisition and the start date was moved to June.
The firm, headed by former UBS Wealth Management chief executive, Mike Chisholm, has 170 employees, including 70 investment advisers who worked together at UBS for around 10 years, encompassing the majority of advisers who were formerly at UBS.
It has offices in Sydney, Melbourne, and Brisbane. The firm provides advice and portfolio management services to high net worth clients, family offices, not for profit organisations, and financial institutions.
Crestone has also secured a global network of strategic partners including UBS, Commonwealth Bank of Australia, Credit Suisse, Northern Trust, and platform provider, Avaloq.
AUTHOR
Malavika Santhebennur
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
