UBS Is Opening A New Division To Service Australia's Richest Families And Connect Them With Businesses Overseas

UBSPhoto: Getty Images/Oli Scarff

UBS Australia is launching a new Global Family Office business to manage investments for the nation’s wealthiest families and connect them with similar businesses overseas.

Damon Kitney of The Australian reports that the new division will help Australian family offices – which are private companies run on behalf of a single family – with activities like lending money to small-cap companies and investing offshore.

Australia’s family offices include those established for Myer, Hains, Smorgon, Pratt, Packer, Rinehart and Forrest families, The Aus reports.

Future Fund chairman David Gonski and Westfield co-founder and executive chairman Frank Lowy are expected to help launch the UBS business today.

There’s more on The Aus.

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