The announcement by JBWere and UBS has caused ructions among the UBS staff heading into the newly formed Crestone Holdings.
According to Australian «Financial Review» (paywall) Advisers at UBS Wealth Management called an emergency meeting on Monday to discuss what the fallout would be for JBWere linking up with UBS which was a conduit intended for the soon-to-be launched, Crestone.
It is thought the news of the JBWere/UBS tie up came as a shock to many UBS advisers who have financially supported the new set up.
UBS Needs Distribution
Under the non-exclusive arrangements announced by JBWere parent National Australia Bank yesterday UBS will have access to JBWere and Crestone and both will receive their products and research.
From outside it looks like UBS could be taking a practical decision safeguarding the banks outlets for equity capital markets and other products in the event Crestone's launch date is delayed yet again.
Crestone was supposed to commence operations in the last quarter of 2015 however delays in building the supporting infrastructure and internal calibration were pushed back to April 2016.
