Former UBS and ING boss Ralph Hamers joins an American wealth management platform that relies on artificial intelligence.
The former Chief Executive Officer of UBS, Ralph Hamers, is joining a US wealth manager as an «Angel Investor» and external advisor.
The digital wealth platform Arta Finance was founded by former Google employees. The company aims to enable private individuals to invest in the style of a family office. According to press release issued on Thursday, the focus is on combining financial expertise with the use of artificial intelligence.
In April 2023, Hamers stepped down as head of the major bank after around two years in office as part of the accelerated takeover of Credit Suisse by UBS, paving the way for the return of Sergio Ermotti.
Technology and Financial Experts
By becoming an investor in Arta, which has offices in Los Angeles and Singapore, Hamers joins a circle of around 140 technology and financial experts who support the company. Early investors include Eric Schmidt, the former CEO of Google's parent company Alphabet, and Mastercard CEO Michael Miebach, according to a statement.
Arta wants to contribute to the democratisation of asset management and enable a low-threshold offering without high minimum deposits.
Digitalisation of Business Models
The digitalisation of business models and the integration of front-to-back technology has always been a central focus of his work, says Ralph Hamers about his involvement. «At Arta, I see a tremendous opportunity for incredibly smart people from the technology and financial world to come together to build a platform that is more than ready to take its place among the world's leading asset managers.»
Arta is led by CEO Caesar Sengupta, a former Vice President at Google. The company currently offers its services to so-called «accredited investors» int the USA. According to the definition of the Securities and Exchange Commission (SEC), these are persons with a net worth of at least $1 million or an annual salary of at least $200,000.
Doing what I enjoy
This is the first time that Hamers has stepped back into the professional limelight since his departure from UBS. His name was mentioned as a candidate in media reports during the search for the head of Schroders. He was even considered a possible candidate at Julius Baer.
Hamers is also involved in other financial technology projects, but he does not give any details. He is in no hurry to return to a management position. «Basically, I've decided to do what I really enjoy and see what comes up,» he said.
