On the other the UBS banker is concerned the offshore business with wealthy Americans is becoming ever more complex. Stringent regulations is leading to higher demands on information technology and to investment solutions. «One example is investment in gold, which once appeared easy but now is dogged by complex reporting and guarantees», according to Wegner.
«We're Open if a Rival Drops Out»
Thus scale becomes even more important in his view: UBS is the only player in Switzerland which can combine its service with a strong offer in the U.S. Which doesn’t automatically mean that small competitors are dropping out of the race: the expected consolidation among the roughly 30 asset managers approved by the U.S. supervisory authority SEC hasn’t transpired.
Although the UBS unit with its 60 employees has the tools for consolidation, he said. «We focus on organic growth, especially through our U.S. network, but are open when a competitor wants drop out of the market.»
Super-Division Ties
The UBS executive doesn’t however favor short-term action. «What is often forgotten is that hiring people alone doesn’t generate wealth.» Such a strategy won’t bring long-term growth, he said.
Wegner himself has been involved in the creation of UBS’s super global wealth management. The building of the new super unit, which requires plenty of coordination within UBS, and which was still finding its feet in the second quarter, does have a positive side for Wegner.
«Firstly because we have the necessary licenses. Secondly because with the new global structure, regions work even more closely together», said Wegner. In short: UBS’s Swiss financial advisers are an important link in the bank’s global offering – and one is «very happy» with the year so far.
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