We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
UBS Group (UBS) to Spruce Up Wealth Unit for the Affluent
Read MoreHide Full Article
According to a company memo seen by Barron’s Advisor, UBS Group AG (UBS - Free Report) is planning to refurbish its ultra-high net worth business, to be led by George Athanasopoulos.
Per the memo, UBS Group will be forming a new Global Family and Institutional Wealth unit, effective Apr 4, 2022. The unit will house the bank’s family office, global markets, global lending, prime brokerage and other capabilities. The move to create a new business unit to serve the affluent is part of the firm’s efforts to tie the needs of the ultra-wealthy closer to the investment banking business.
The strategic move accentuates the firm’s endeavors to bolster its wealth management operations. In recent years, UBS Group tried amassing businesses from high-net-worth and ultrahigh-net-worth individuals and families. In January 2022, UBS inked a deal to acquire Wealthfront, a pioneering automated wealth management provider for next-generation investors, in a $1.4-billion transaction value. Through this acquisition, UBS will accelerate its long-term goal to deliver a scalable, digital-led wealth management solution to well-off investors, broaden its outreach and expand the ambit of its distribution competencies.
UBS Group’s performance in 2021 was also boosted by an influx of client funds. Per the earnings report for the fiscal fourth quarter, this global wealth management business recorded $107 billion of net new fee-generating assets, up 8% year over year.
Our Take
Along with the gradual execution of its growth strategy, UBS Group remains focused on achieving its performance targets. UBS’ efficiency programs are expected to free up resources for investments to support growth and also enable it to service clients with greater dexterity, improving quality and an accelerated speed to market.
Shares of UBS Group have gained 3.9% on the NYSE in the past six months against the 1.5% fall recorded by the industry.
Some better-ranked stocks in the banking space are First Business Financial Services (FBIZ - Free Report) , Bancolombia S.A. (CIB - Free Report) and PCB Bancorp (PCB - Free Report) . At present, both FBIZ and CIB flaunt a Zacks Rank of 1, while PCB carries a Zacks Rank #2 (Buy).
Over the past year, shares of First Business have jumped 39.5%, while the stocks of CIB and PCB have rallied 10.5% and 49.7%, respectively.
Over the past 30 days, the Zacks Consensus Estimate for First Business’ current-year earnings has been revised 7.4% upward, while the same for CIB has moved 14.8% north. Moreover, current-year earnings estimates for PCB Bancorp have moved 14.4% up over the past month.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Shutterstock
UBS Group (UBS) to Spruce Up Wealth Unit for the Affluent
According to a company memo seen by Barron’s Advisor, UBS Group AG (UBS - Free Report) is planning to refurbish its ultra-high net worth business, to be led by George Athanasopoulos.
Per the memo, UBS Group will be forming a new Global Family and Institutional Wealth unit, effective Apr 4, 2022. The unit will house the bank’s family office, global markets, global lending, prime brokerage and other capabilities. The move to create a new business unit to serve the affluent is part of the firm’s efforts to tie the needs of the ultra-wealthy closer to the investment banking business.
The strategic move accentuates the firm’s endeavors to bolster its wealth management operations. In recent years, UBS Group tried amassing businesses from high-net-worth and ultrahigh-net-worth individuals and families. In January 2022, UBS inked a deal to acquire Wealthfront, a pioneering automated wealth management provider for next-generation investors, in a $1.4-billion transaction value. Through this acquisition, UBS will accelerate its long-term goal to deliver a scalable, digital-led wealth management solution to well-off investors, broaden its outreach and expand the ambit of its distribution competencies.
UBS Group’s performance in 2021 was also boosted by an influx of client funds. Per the earnings report for the fiscal fourth quarter, this global wealth management business recorded $107 billion of net new fee-generating assets, up 8% year over year.
Our Take
Along with the gradual execution of its growth strategy, UBS Group remains focused on achieving its performance targets. UBS’ efficiency programs are expected to free up resources for investments to support growth and also enable it to service clients with greater dexterity, improving quality and an accelerated speed to market.
Shares of UBS Group have gained 3.9% on the NYSE in the past six months against the 1.5% fall recorded by the industry.
Image Source: Zacks Investment Research
Currently, UBS Group sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Stocks to Consider
Some better-ranked stocks in the banking space are First Business Financial Services (FBIZ - Free Report) , Bancolombia S.A. (CIB - Free Report) and PCB Bancorp (PCB - Free Report) . At present, both FBIZ and CIB flaunt a Zacks Rank of 1, while PCB carries a Zacks Rank #2 (Buy).
Over the past year, shares of First Business have jumped 39.5%, while the stocks of CIB and PCB have rallied 10.5% and 49.7%, respectively.
Over the past 30 days, the Zacks Consensus Estimate for First Business’ current-year earnings has been revised 7.4% upward, while the same for CIB has moved 14.8% north. Moreover, current-year earnings estimates for PCB Bancorp have moved 14.4% up over the past month.