“I want to improve the client-segment mix. We are, if anything, too weighted towards ultra-high-net-worth clients,” he tells Euromoney. These very wealthiest and most demanding customers contribute something like 40% of the group’s SFr1.6 trillion of client assets under management.
Operating almost like institutions rather than as individuals, they have considerable buying power. They tend to pay brokerage commissions rather than asset management fees and, as UBS has stumbled from the sub-prime crisis, to rogue trader scandals and now Libor manipulation, they have been flighty.
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