UBS Australia has finalised the sale of its wealth management arm to newly-established entity Crestone Wealth Management.
The sale of UBS Wealth Management Australia was first announced in May 2015 when former UBS head of wealth management Michael Chisholm led a buy-out of the firm.
The spun-off business was christened Crestone Wealth Management and is co-owned by 85 staff, including former members of the UBS Wealth Management team.
Speaking to InvestorDaily, Mr Chisholm described Crestone as a "new company" that has now acquired UBS Wealth Management.
"[In order to be] ready to run the business, [we needed] all the infrastructure, the systems, the people and the processes in order to essentially 'catch' the business, and to have it running on day one after the acquisition," he said.
"For a business like this, that takes a while, but the outcome of this is that we’ve set up a business that, in our view, has a very unique, bespoke operating model and platform," Mr Chisholm said.
Crestone has partnered with a number of other businesses in the intervening time, including Commonwealth Bank, Credit Suisse, and Northern Trust, and will continue to work with UBS in a number of areas as well.
In a statement released yesterday, UBS Australia chief executive Matthew Grounds said he welcomed the continued relationship with Crestone.
“We are delighted to complete the sale of UBS Wealth Management to Crestone and we wish them every success for the future,” he added.
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