UBS is widening the new offering for the richest of its clients to more markets after launching it in the U.S. in May.
Last month, UBS in the U.S. put together the team around Paul Crisci, which will invest in private market initiatives, outside the traditional stock market investment business.
Now, the bank is launching similar services in other markets, where the global wealth management of Iqbal Khan as co-head is focusing.
Private and Investment Banking Combined
UBS appointed Giuseppe De Filippo as head of distribution for such services in Europe, the Middle East and Africa as well as Switzerland, according to «Bloomberg» (behind paywall).
Enrico Mattoli is assuming the lead for the Asia-Pacific region. The investments are intended for a smallish circle of very rich clients and family offices and are a reaction to the low-interest environment: private-market investments tend to yield a little more than the traditional investments.
As is the case in the U.S., the two new groups will also combine private and investment bankers, which committees and management lines connecting the two.
