Crestone, the new Australian wealth management company founded by former UBS bankers, has told clients there will be trading and transaction restrictions when the business finally opens next month.
Crestone, which is due to go live on June 10, has been hampered by a catalogue of delays. The spin-off was originally expected to commence business in late 2015 but has been marred by several delays, including a change of the transaction structure to an acquisition.
Australian publication «The Australian Financial Review» (paywall) details in a report that clients have been told they will not be able to trade certain stocks and funds until the business transition is complete.
The new set up will open with operations in Brisbane, Melbourne and Sydney and will oversee $15 billion in assets.
