UBS to Close U.S. Private Bank; Advisor Attrition, Client Exits Predicted
July 27, 2020
Louis Diamond Quoted
By Miriam Rozen
UBS has unveiled to employees plans to shutter its U.S. private bank unit at the beginning of next year and recruiters are predicting advisor attrition and client defections.
Jason Chandler, head of wealth management USA, and Sylvia Coutinho, head of wealth management Latin America and country head of UBS Group Brazil, issued in June a company-wide memo detailing the plans.
The U.S. private bank unit likely has no more than 200 advisors on its roster, estimates Louis Diamond, executive vice president and senior consultant at Morristown, N.J.-based Diamond Consultants, based on his conversations with advisors who have considered joining or leaving it.