BS
The premier Swiss bank’s expansion last year was highlighted by several selective bolt-on acquisitions, such as the purchase of the French business of Lloyds TSB, the German wealth management business of Merrill Lynch and ABN AMRO’s prime brokerage business. The latter business in particular formed an excellent strategic fit with UBS’s existing platform by adding more than 300 new clients and helping UBS to position itself among the top five prime brokers in the US. The growing potential of the European wealth management business was underscored by the continued hiring of new client advisers, who helped bring in SFr10.8bn (E7bn) in new money. This represents an annual net new money inflow rate of 39% of the underlying asset base. In the same period, invested assets were 64% higher. Last June, the bank adopted the single UBS brand for all its major businesses in the world. The successful implementation of this initiative illustrates the “one firm” philosophy that is integral to UBS. In all these activities, client focus has been the main driver of expansion and innovation. “The Banker’s award is a testament to the ongoing commitment of our people to provide our clients with the highest levels of service,” says CEO Peter Wuffli.
