Deals
UBS Seeks More Deals Among Billionaires Through New U.S. Venture
- Firm will also seek a greater share of the middle market
- UBS reported steep slump in merger fees, equity underwriting
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UBS Group AG is starting a new venture at its U.S. operation, marrying its wealth-management unit and investment bank to capture more deals and trading activity among its ultra-rich clients.
The move will merge capital-markets teams across wealth management and the investment bank in the U.S., while creating a single trading platform for all clients in the Americas, according to a memo sent to staff on Thursday. Mark Sanborn, Dylan Roy and Reinhardt Olsen will jointly oversee the strategy, and the changes will be phased in during the third quarter.