UBS to split wealth management
In a sign of the increasingly difficult times, UBS announced this week that it would be splitting its global wealth management business into two divisions – one covering the US and another covering the rest of the world.
However, according to reports out of the US, the move has failed to dampen speculation that UBS ultimately intends to spin off the business.
Analysts pointed out that while the Wealth Management International and Switzerland business had posted a profit for the fourth quarter of last year, the US business had posted a pre-tax loss.
AUTHOR
Mike Taylor
Recommended for you
Six months after scrapping its planned deal with KKR, Perpetual is yet to make significant headway on the sale of its wealth management division but is focusing on alternatives for product development.
Platinum Asset Management’s NPAT has fallen by 89 per cent in FY25, with the firm confirming that it will be renamed as L1 Group following the expected completion of its merger with L1 Capital.
Statutory NPAT at Pacific Current has almost halved in FY25 to $58.2 million as the result of an investment restructure.
Being able to provide certainty about redemptions is worth fund managers pursuing when targeting the retail market even if it means sacrificing returns, according to Federation Asset Management.
