UBS retreats from private banking in Australia

UBS’s move in Australia runs counter to its Asia strategy of co-mingling private wealth and investment banking.

Swiss bank UBS on Tuesday confirmed in a release it has discontinued its domestic Australian wealth management business following a global review of the business. 

Former head of UBS wealth management in Australia, Mike Chisholm, will join several other former executives of the division to start an independent firm called Crestone Wealth Management.

Most of the client advisers and the senior management from the defunct UBS unit have indicated their intention to join the new partnership, Crestone said in a release.

It is understood that UBS did not receive any financial consideration from Crestone, according to a source familiar with the matter.

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