UBS is selling off its wealth management business in a management buyout, and the guys who will run it are making big promises on what the new company, to be called Crestone Wealth Management, will deliver.
UBS employees were briefed last night, according to the AFR.
The wealth advisers have been given a deadline of up to four days to decide whether to go with Crestone, which will be headed by Mike Chisholm, or take redundancy.
UBS confirmed the buyout, following months of rumours about UBS selling the wealth management unit. The wealth management business reported a fall in revenue in 2014.
In comments to The Australian, Chisholm set out some of his vision for Crestone, including:
- what he says will be “an extremely attractive compensation model” for staff;
- a highly advanced technology suite for the business “that Australia has not seen the likes of to deliver the full product suite to the end client”, and
- a model that would “significantly enhance our ability to hedge out… currency risk”.