In possibly the most ambitious growth plan for a wealth management business to date, UBS Private Wealth Management US will open five new off...

In possibly the most ambitious growth plan for a wealth management business to date, UBS Private Wealth Management US will open five new offices this year and five more next year in North America in an attempt to more than double its $110 billion ultra-high net-worth advisory business in the next three years. Speaking to WealthBriefing John Straus, head of Private Wealth Management for UBS Wealth Management US, said Stanford Connecticut will be the next location to open a UBS private wealth office, following the appointment of former US Trust president, Craig Walling, as head of the US Private Bank based in New York. Also on the agenda this year is new private wealth offices in Atlanta, Chicago, Los Angeles and San Francisco, said Mr Straus. Currently the firm has only four private wealth offices in North America – two in New York City, Palm Beach and LA. “In every other region in the world UBS is a leader in servicing ultra high net-worth individuals, but we’re not in the US. We have the capabilities to change that,” he said. Mr Straus added private wealth management is already the fastest growing segment in the firm, garnering $24 billion in client assets in 2006. In 2008 Mr Straus earmarked new locations for UBS private wealth offices in Boston, Huston, Philadelphia, Seattle and San Jose. In total, the Private Wealth Management business, under Mr. Straus, will attempt to open 15 offices by 2010 and grow assets to $250 billion in that time frame. Mr Straus said this plan will involve the employment of 400 private bankers and private wealth advisors – currently the firm has 140. He said half of client facing bankers and advisors would be sourced from UBS, the other half would be recruited externally. He added the majority of business leaders for the new office locations would be internal hires. Mr Straus defined the UBS private wealth market as “ultra high net worth individuals” with no less than $10 million invested with the firm. He said a lot of the work UBS private client advisors do with their clients is more around tax structures than pure asset allocation.