The Ledger
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Fitzpatrick pulled prime brokerage assets from parent bank UBS in 2008
“So we were wholly owned by UBS, and we actually had prime brokerage kind of assets exposed at that point in time, and actually one of the somewhat controversial decisions I made was I pulled from a number of different prime brokers, but UBS was one of them.”
Matthews: US clients must focus significantly more on personal and cyber security
“The rest of the world's been going through this for the last five years or a decade. We haven't, and I think we all have to be more focused on our own personal security.”
UBS was effectively insolvent before 1998 Swiss Bank merger, says Milgram
“UBS was effectively insolvent and there'd been a shotgun marriage forced by the Swiss national bank.”
Fitzpatrick attempted an O'Connor management buyout from UBS in 2008
“We did, and to be candid, we attempted a management buyout at that moment in time, and we got close, but we were recovering too quickly as were financial markets.
So the trader, me and my peers actually tried to extract ourselves at a good price, but ultimatel…”
Matthews: Performance alone cannot sell complex illiquid products to wealth advisors
“Our industry still is a relationship business, and you can post all the numbers you want to, but there's got to be some type of human interaction when you're talking about an illiquid, more complex investment.”
Matthews: UBS is agnostic to fund size despite inevitable client allocation constraints
“We're agnostic to size of the fund, and sometimes that creates a queue at the window to get them, and sometimes that creates clients not having the best experience because they didn't get it, or they got a much smaller amount that they originally wanted alloca…”
Dawn: Capital-free secondary advisory units struggle inside large banks
“Also, I think that these are pure advisory businesses that require no capital. And the challenging to run in big integrated banks that do require a lot of capital.”
Matthews: UBS employs over 30 in-house trust and estate attorneys
“For example, we have over, over 30 trust and estate attorneys. At UBS, we don't outsource this stuff.”
Matthews: 60% of UBS US wealth assets belong to ultra-high-net-worth clients
“In the US, two trillion dollars of assets under management, about 60% of those assets are in ultra high net worth assets. It's been the fastest growing client segment That we've had at our firm for the last 15 years.”
Matthews: UBS manages over $6 trillion in total wealth globally
“We're the world's largest global wealth manager. We manage on our wealth platform alone over four trillion dollars. If you include our asset management company, we're over six trillion dollars of wealth around the world. 2.1 trillion of that wealth sits in the…”
Matthews: UBS employs 661 private wealth advisors across 230 teams
“We have 661 what we call private wealth advisors. Those are the advisors that primarily focus on the ultra high network client segment. You have to have some certain criteria to qualify for that. You already have to have a certain number of ultra high network …”
Matthews: UHNW alternative allocations have flipped from hedge funds to private equity
“You'll see our wealthier clients have a larger percentage, more than eight percent usually, to the alternative space, more heavily focused on private equity than hedge funds. That's been a flip. 15 years ago, that was all hedge funds. Now it's mainly private e…”
Matthews: UBS ranks as largest wealth manager across Asia, LatAm, and EMEA
“We're the largest wealth manager in Asia. We're the largest wealth manager now in Latin America after our Credit Suisse acquisition. And we're the fourth largest wealth manager in the United States based on assets under management from wealth clients. Also the…”
Matthews: UBS's fastest-growing platform separates advice fees from product manufacturing costs
“So think about separating the cost of manufacturing from the cost of distribution or advice. That's the fastest growing platform we have here right now, where advisors want to say, Mr. And Ms. Jones, instead of me buying this the traditional way, I'd rather bu…”
Dawn: 40% to 50% of Early Secondaries Flow Came From Banks
“Also, maybe 40 to 50% of the flow in the market was actually bank selling similar to UBS.”
Dawn: Cogent Partners was the only PE secondary market advisor in 2001
“So when I first found out there's only one advisor and they were a startup in Dallas called Cogent Partners.”