This content was published on January 14, 2023 – 09:34 am
Chairman of the Board of Directors Colm Kellaher announced that UPS intends to strengthen its operations in the United States. The primary objective is to build an asset management business with better margins.
“It is also clear that we will not expand the investment banks,” Colm noted in an interview published today by the Neue Zürcher Zeitung. The firm’s added value lies in its management of rich and ultra-rich clients, he added. “That’s what we need to focus on, especially in America.”
UBS also targets long-term and institutional investors, he continued. “There will be no major strategic changes. And we have no intention of buying Credit Suisse,” Colm underlined.
UBS will increase operations in Asia following the end of China’s zero-covid policy. Swiss business is important, but the driving force lies elsewhere. “In a country of 8.7 million people, by definition, business cannot improve significantly”.
However, due to its “Swiss roots”, the largest Swiss bank is rated as “potentially a leading global player”, specifically referring to global asset management.
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