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UBS to Boost Wealth Management Unit, Build Presence in Qatar
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UBS Group AG (UBS - Free Report) has signed a memorandum of understanding with Investment Promotion Agency of Qatar (IPA Qatar), with a view to start wealth management operations in the country.
The agreement was signed by H.E. Ali Bin Ahmed Al-Kuwari, the minister of commerce and industry and the chairman of IPA Qatar, Axel Weber, chairman of UBS, and Ralph Hamers, CEO of UBS.
Per an article by Finews, Qatar has a wealthy population as the country is among the world’s largest producers of liquid gas and at present, the “population enjoys one of the highest income levels in the world”.
Both IPA Qatar and UBS will be negotiating and executing a definitive agreement in relation to mutually strategic nexus markets.
UBS has been making efforts to revamp its key wealth management division. In August, Bloomberg had reported that the company is mulling to restructure the unit to reduce expenses and free some resources, which it would offer as loans in higher growth markets.
Also, the company took advantage of relaxed regulations passed by China’s government regarding opening asset management markets wider for foreign firms, and bolstered its asset management business.
Our Take
UBS has long been focused on building capital levels, expanding globally and executing restructuring initiatives. Though its net interest income remains under pressure, thanks to falling interest rates, its strategic alliances to boost customer base and efforts to tap opportunistic areas bode well.
UBS’ shares have gained 17.5% over the past six months compared with the industry’s growth of 12.4%.
Royal Bank of Canada (RY - Free Report) has witnessed an upward earnings estimate revision for 2020 in the past 60 days. Moreover, the Zacks Rank #2 stock has gained 16.9% in the past six months.
KB Financial Group Inc’s (KB - Free Report) earnings estimates have moved upward for 2020 in the past 60 days. Moreover, the Zacks #2 Ranked stock has gained 40.2% in the past six months.
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UBS to Boost Wealth Management Unit, Build Presence in Qatar
UBS Group AG (UBS - Free Report) has signed a memorandum of understanding with Investment Promotion Agency of Qatar (IPA Qatar), with a view to start wealth management operations in the country.
The agreement was signed by H.E. Ali Bin Ahmed Al-Kuwari, the minister of commerce and industry and the chairman of IPA Qatar, Axel Weber, chairman of UBS, and Ralph Hamers, CEO of UBS.
Per an article by Finews, Qatar has a wealthy population as the country is among the world’s largest producers of liquid gas and at present, the “population enjoys one of the highest income levels in the world”.
Both IPA Qatar and UBS will be negotiating and executing a definitive agreement in relation to mutually strategic nexus markets.
UBS has been making efforts to revamp its key wealth management division. In August, Bloomberg had reported that the company is mulling to restructure the unit to reduce expenses and free some resources, which it would offer as loans in higher growth markets.
Also, the company took advantage of relaxed regulations passed by China’s government regarding opening asset management markets wider for foreign firms, and bolstered its asset management business.
Our Take
UBS has long been focused on building capital levels, expanding globally and executing restructuring initiatives. Though its net interest income remains under pressure, thanks to falling interest rates, its strategic alliances to boost customer base and efforts to tap opportunistic areas bode well.
UBS’ shares have gained 17.5% over the past six months compared with the industry’s growth of 12.4%.
Currently, UBS carries a Zacks Rank #2 (Buy).
Other Key Picks
Bank of Montreal (BMO - Free Report) current-year earnings estimates have been revised north in the past 60 days. Further, the company’s shares have gained 23.7% in the past six months. At present, it has a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Royal Bank of Canada (RY - Free Report) has witnessed an upward earnings estimate revision for 2020 in the past 60 days. Moreover, the Zacks Rank #2 stock has gained 16.9% in the past six months.
KB Financial Group Inc’s (KB - Free Report) earnings estimates have moved upward for 2020 in the past 60 days. Moreover, the Zacks #2 Ranked stock has gained 40.2% in the past six months.
Legal Marijuana: An Investor’s Dream
Imagine getting in early on a young industry primed to skyrocket from $17.7 billion in 2019 to an expected $73.6 billion by 2027.
Although marijuana stocks did better as the pandemic took hold than the market as a whole, they’ve been pushed down. This is exactly the right time to get in on selected strong companies at a fraction of their value before COVID struck. Zacks’ Special Report, Marijuana Moneymakers, reveals 10 exciting tickers for urgent consideration.
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