Bloomberg — Financial institution UBS Group AG (UBS) It will double the individual variable income coverage that wealthy customers can choose from Credit Suisse as integration between the two companies’ analytics offerings progresses.
According to a note sent to its clients, this shift will enable Credit Suisse clients to obtain analysis from the UBS team, with coverage that will be expanded to include more than three thousand securities. It also means that These clients will have eighteen thousand bonds analyzedcompared to the previous universe of two thousand six hundred bonds, refers to the note issued by the credit institution.
Contents of the memo, see it Bloomberg NewsThis was confirmed by a UBS spokesman.
UBS is immersed in one of the most complex operations in global banking after the financial crisis, seeking to retain the wealthy clients and private banking talent of its eternal rival, while at the same time shedding high-risk assets, such as UBS. Investment Bank. Entity Last week, it presented its highest goals for this operation and achieved the best quarterly profit in history One of the banks as a result of negotiations closed in June.
According to a separate memo, the investment bank’s Credit Suisse securities analysis will also be combined with UBS. As a result, coverage will begin dropping on September 18.
Credit Suisse clients You will continue to have access to research Credit Suisse will be “historic” until early October, and institutional clients will be able to access the UBS research platform in the coming weeks, provided they qualify, according to a Credit Suisse note.
CEO of UBS, Sergio ErmottiShe said last week that the company It is trying to recover nearly $200 billion in assets from clients who fled Credit Suisse In the previous quarters of the acquisition. UBS implemented incentive programs for relationship managers to attract money from new clients, and Credit Suisse’s wealth business began seeing inflows in June. However, the company is facing hurdles as private bankers who have left Credit Suisse try to attract old clients to their new banks.
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