Meet the duo ushering in a new era for UBS asset management
UBS’ mega-merger with Credit Suisse enables the enlarged Swiss bank’s asset management division to work more closely with its former rival’s private banking client base.
UBS Asset Management counts private wealth units Credit Suisse, Morgan Stanley and JBWere, among others, as some of its biggest clients.
As the two companies become one, the private bank remains a key customer, but UBS Asset Management’s local head is buoyed at the prospect of the investment bank becoming a triple threat once again comprising wealth management – in line with UBS’ operations elsewhere.
Lucy Thomas, UBS Asset Management’s global head of sustainable investing, and Alison Telfer, head of UBS Asset Management Australia. Louie Douvis.
“Now we are three prongs of UBS in Australia. And that reflects the global footprint in other parts of the world. We think a whole bank proposition can bring value to the market, but we keep everything separate,” said Alison Telfer, the head of UBS Asset Management for Australia and New Zealand.
UBS spun out its wealth management business in 2015 to what is now LGT Crestone.
Despite the return of a three-prong banking offering, UBS’ asset management business understands the importance of operating as a standalone arm.
Any conflict of interest is closely watched in asset and wealth management, and major players such as Morgan Stanley and Credit Suisse go to great lengths to offer their clients products from the entire market and not just from their own investment banking or asset management arms.
“[Credit Suisse] were a client before this, and they still are a client. There will be no pressure exerted on them to distribute UBS product,” Ms Telfer said, adding that asset management serves the private banks and
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