Client Affairs
UBS Opens Wealth Management Office in Chicago
The Swiss banking giant UBS has opened its latest private wealth management office in Chicago, aimed at serving the specialised needs of its clients with assets greater than $10 million.
The office, located at One North Wacker Drive, is the latest in a series of planned offices across the US that will offer a comprehensive package of brokerage, trust and private banking services.
UBS has two other private wealth management offices - in New York City and Stamford, Connecticut.
The Chicago office is comprised of a staff of private wealth advisors, private bankers, and related service personnel. UBS says that its teams of private wealth advisors have completed the firm’s internal accreditation programme. This focuses on a range of sophisticated wealth management strategies.
The business offers trust and estate planning, lending services, charitable giving, investment management, alternative investments and structured products.
“Through the opening of this new office, we are expanding our capacity to offer our ultra high net worth clients in the Chicago region a new approach to meeting their unique financial planning needs,” said John Straus, head of UBS private wealth management and chairman of the private bank.
The new office will be managed by Dennis Drescher.
When the firm has finished “filling out” the Chicago office in October, it will employ around 50 staff including private wealth advisors, private bankers, specialists and related service personnel, who have been trained internally.
In a prior interview with WealthBriefing Mr Straus earmarked Seattle, Palo Alto (California), Houston, Boston and Philadelphia, as potential new office locations.
Mr Straus defined his ultra-high net worth client base as individuals with a net worth of $25 million and at least $10 million invested with UBS.
The Swiss bank has successfully built the European UHNW client business focusing narrowly on specific client segments, the same strategy Mr Straus has employed in the US.
Currently 39 per cent of UBS employees are working in the Americas, compared to 34 per cent employed in Switzerland.
