NEW YORK, Nov 3 (Reuters) – UBS (UBSG.S) is reshuffling its U.S. wealth management to give attention to southern states which might be essential to the division’s development as prosperous households more and more migrate to Florida and Texas, the corporate stated on Thursday.
The brand new construction for the world’s largest wealth supervisor indicators an enormous push into the southern United States alongside opponents comparable to Merrill Lynch Wealth Administration, which has boosted its presence in Florida.
“We’ve seen our purchasers do effectively within the final decade when it comes to their funding outcomes,” stated Jason Chandler, head of UBS wealth administration in the US. Excessive web price households are making the most of larger flexibility to reside and work in several areas, he stated.
UBS promoted John Mathews, who leads personal wealth administration, and Jennifer Povlitz, who runs its western division for wealth, to supervise 10 markets apiece throughout the US, in keeping with an organization memo. The promotions, alongside a raft of different workers modifications, will take impact at first of subsequent yr and are meant to simplify administration and decision-making, significantly in development areas the place rich individuals are relocating.
Extremely-high web price households are transferring from northern to southern states and are settling in a number of areas, and a few monetary advisers have adopted go well with by splitting their time throughout a number of workplaces, UBS stated.
The financial institution’s high markets for wealth administration embody Atlanta, Colorado, Florida and Texas, alongside conventional hubs within the Northeast like New York and Boston.
“Rich purchasers are getting wealthier,” and they’re additionally “getting youthful and extra various,” Chandler stated.
UBS will streamline the wealth construction into 20 markets from 34. In Manhattan, it would merge the markets beneath one govt versus three market heads beforehand.
Reporting by Lananh Nguyen in New York
Enhancing by Matthew Lewis
: .