On October 9, 2009
Private Wealth Roundup: UBS May Be Gearing Up For Sale In Wake Of Tax Scandal And Broker Exodus
As UBS faces an exodus of its advisors to rival firms in the wake of a recent multi-billion dollar tax evasion scandal, the firm may be gearing up to sell its private wealth division to a U.S. bank. The move would bring Switzerland’s traditionally secretive private banking industry one step closer to extinction. Reuter’s reports that former Merrill Lynch banker Robert McCann is a favorite to head up UBS’s American wealth management division. The hiring, some market participants argue, is a step towards strategically turning UBS’s wealth management unit into an attractive acquisition target for a rival bank. “There were rumors already some time ago that the current head of the business would be replaced in the context of the…
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