UBS offers wealth management to SA

JOHANNESBURG – Swiss bank UBS will open a wealth management advisory office in South Africa to expand its current operations in Africa’s biggest economy, the group said on Monday.

UBS said that from the fourth quarter of 2007 it would offer wealth management services in addition to its existing investment banking services. “UBS is a globally active financial services firm with wealth management as a core business.We therefore target markets with a significant concentration of wealth,” said Juerg A Schalch, designated head of UBS Wealth Management South Africa.”South Africa is such a market.The set up of UBS Wealth Management South Africa will bring us even closer to our clients.”South Africa’s wealth management and private banking industries have mushroomed in recent years as a booming economy and affirmative action policies created increasing numbers of wealthy blacks.Nampa-Reuters”UBS is a globally active financial services firm with wealth management as a core business.We therefore target markets with a significant concentration of wealth,” said Juerg A Schalch, designated head of UBS Wealth Management South Africa.”South Africa is such a market.The set up of UBS Wealth Management South Africa will bring us even closer to our clients.”South Africa’s wealth management and private banking industries have mushroomed in recent years as a booming economy and affirmative action policies created increasing numbers of wealthy blacks.Nampa-Reuters