UBS is closing its U.S. private bank at the beginning of next year as part of an effort to consolidate its wealth management services in the U.S.
According to a company memo from Jason Chandler, head of wealth management USA, and Sylvia Coutinho, head of wealth management Latin America, sent to UBS employees in June and first reported by Citywire, the firm’s U.S. private bank will close on Jan. 1, 2021.
Thereafter, wealth management services will be provided by UBS Financial Services (FSI) and its FDIC-insured affiliate UBS Bank USA (BUSA).
Advisors in the U.S. private bank unit who transition into FSI will have access to its products and subject matter experts, according to the UBS memo.
Neither the memo nor UBS spokespeople would say how many advisors currently work in the U.S.-based private bank or how many would transition into FSI.