UBS

Company Profile

UBS, the Switzerland-headquartered multinational investment bank and financial services firm, has a presence in all major financial centres, offering personal and private banking, wealth management, asset management and investment banking services for private, corporate and institutional clients.

UBS counts approximately half of the world's billionaires among its clients and is one of the largest wealth management firms globally, operating in over 45 markets on five continents, with $3.1 trillion in assets under management (AuM) as of the end of Q1 2022.

As of the end of 2022, UBS had 74,022 employees worldwide; 41% female and 59% male. Employees are located in Switzerland (28%), the Americas (30%), Asia Pacific (22%) and EMEA (20%). 

History

Founded in 1862, the ‘Bank in Winterthur’ merged with Toggenburger Bank in 1912 to form the Union Bank of Switzerland, which began to grow rapidly after the Banking Law of 1934 was established. 

In 1998, Union Bank of Switzerland merged with the Swiss Bank Corporation (SBC) to create the company now known as UBS, with total assets of more than $590 billion. SBC had built up its investment bank through the acquisition of London-based S.G. Warburg Group in 1995 and the purchase of Dillon, Read & Co. in 1997. The banks’ various asset management businesses also merged, resulting in $910 billion in assets under management.

In 2000, UBS merged with Paine Webber, the fourth largest stock brokerage and asset management firm in the United States, to create UBS Wealth Management USA. The move added 7,700 brokers and 2 million clients. UBS also built up the presence of its investment bank in the US in the early 2000s, rising to fourth place from seventh in global fees in 2003.

During the global financial crisis in 2007-08, UBS recorded losses of more than $50 billion and required government aid owing to its exposure to assets linked to the subprime mortgage market. After a significant restructuring, UBS returned to profitability in 2009, and shifted focus to its private banking services. In early 2014, it was reported that UBS had grown to become the largest private bank in the world, with $1.7 trillion in assets, and it has consistently ranked among the world’s largest private banks since.

In 2023, UBS agreed to buy ailing Swiss rival bank Credit Suisse for CHF 3 billion in a deal brokered by the government of Switzerland and the Swiss Financial Market Supervisory Authority in order to prevent collateral damage in financial markets internationally. The Swiss National Bank supported the deal by providing more than CHF 100 billion in liquidity to UBS, while the Swiss government provided a guarantee to cover losses of up to CHF 9 billion. The acquisition was completed on 12 June 2023, and the combined group is expected to oversee $5 trillion of assets globally.

Senior leadership

Chairman: Colm Kelleher (since April 2022)

Group Chief Executive Officer: Sergio Ermotti (since April 2023)

President Global Wealth Management: Iqbal Khan

President of Asset Management: Suni Harford

President of the Investment Bank: Robert Karofsky

President Personal & Corporate Banking: Sabine Keller-Busse

Private client services

As one of the world’s most established institutions for high-net-worth and ultra-high-net-worth services, UBS’s overall mission for its wealth management offering is to guide its clients towards a ‘brighter future for your investments, your business and eventually your family’.

The wealth management arm is led by Iqbal Khan, who appears in Spear’s Power List, a collection of the 100 most influential people in the world of private wealth. UBS Global Wealth Management offers clients a range of tailored advice and investment services, including investment solutions; offshore services; social impact and philanthropy services; aviation and yachts finance; entrepreneur and family business advisory; and estate and succession planning, including trusts.

Investment solutions

• Strategic investment advisory
• Tailored investment solutions (discretionary, advisory)
• Sustainable and impact investing
• Alternative investments (hedge funds, investment funds, cash management)

Services for professional investors

• Private markets: Direct investments and funds
• Access to leading private companies worldwide
• Private equity and private debt
• Real estate and infrastructure
• Direct investments in the impact space

Corporate finance and advisory

• Support and advice across different stages of business maturity
• Merger and acquisition advisory
• Advice on privately negotiated transactions

Financing

• Lombard lending
• Structured lending
• Real estate financing
• Aircraft financing
• Alternative financing solutions

Wealth and succession planning

• Legacy planning and implementation
• Wealth structuring
• Family office setup, review and governance
• Next-generation and succession planning
• Strategic philanthropy
• Art and collecting

Clients also benefit from UBS’s global investment bank and asset management divisions.

UBS’s investment bank serves institutional, corporate and wealth management clients, helping them raise capital, grow their businesses, invest for growth and manage risks. It offers alternative investments, such as hedge funds and private equity; corporate finance, asset management, equity research and portfolio management; and sustainable investing and tailored portfolio solutions.

UBS’s asset management business offers investment capabilities and styles across all major traditional and alternative asset classes, as well as advisory support to institutions, wholesale intermediaries and wealth management clients around the world. Sustainable and impact investing are key areas.

Locations

Head offices: Switzerland (Zurich, Basel)

Main offices: New York, NY; Chicago IL; Weehawken, NJ; Stamford, CT; Tokyo; Hong Kong; London

Branches: UBS Wealth Management is present in more than 40 countries with approximately 190 offices (100 of which are in Switzerland)