UBS's spun-out wealth management arm Crestone has partnered with CBA, Credit Suisse, Northern Trust, UBS and Avaloq to offer its clients a suite of wealth management advice and portfolio solutions.
Crestone chief executive Mike Chisholm said: “Our partners were selected based on their leading market position, financial strength and specific expertise to support our offering to clients.”
In September 2015, it was announced that the ownership of UBS Wealth Management would transfer to Crestone. The purchase resulted in the exit of UBS from the Australian wealth management space. Over 70 UBS client advisers and senior management are now shareholders of the new company.
“Starting a new advisory business with the acquisition of a company with more than 75 years of wealth management experience gives us the ability to build and deliver a world-class investment experience for our clients,” Mr Chisholm said.
“It was important that we selected strategic partners that support our vision and continue to evolve with us and our clients.”
Northern Trust will act as the principal sub-custodian, with CBA providing transaction and foreign currency services, a statement issued by the firm said.
Credit Suisse external asset managers will provide multi-asset, multi-currency asset lending and custody services. Technology company Avaloq will establish Crestone’s wealth management platform, the statement said.
Crestone has also decided to include UBS in the mix, with the group providing securities execution, clearing and settlement, and global investment research.
“UBS will be one of Crestone’s important sources of global research integrated into our investment process,” the statement said.
In acquiring UBS Wealth Management, Crestone is expected to provide wealth management services to roughly $15 billion in invested client assets, the statement said.
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