Awards for Excellence 2020
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After much restructuring in 2019 that saw the de-layering of management, regionalization of Europe, Middle East and Africa (EMEA), and streamlining of client segments, it wasn’t clear what the beginning of 2020 might look like for UBS in Western Europe.
But high volumes of net new assets in the first quarter, double-digit growth in profit before tax and adviser productivity across EMEA show that the closer proximity to clients was paying off.
“We’re slimmer and decisions can be made faster,” says Christl Novakovic, chief executive of UBS Europe SE and head of wealth management Europe at UBS. This year UBS wins the award for best bank for wealth management in Western Europe.
The bank’s response to the Covid-19 pandemic shows why it is such a trusted adviser. During the most difficult period UBS de-risked portfolios and used its investment bank to ensure that essential transactions – such as the sale of a family business – stayed on course.
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Christl Novakovic |
The UBS chief investment office held hundreds of video conferences for clients and published daily market research on the evolving crisis.
“We’ve talked to more than 100,000 clients in the last couple of months by video or conference calls – and this included information we received first hand from the World Health Organization, governments or research institutes,” says Novakovic.
The impact of UBS global wealth management (GWM) in sustainability also deserves recognition. For example in 2018, UBS GWM launched the first sustainable investing cross-asset mandate portfolio for private clients at the World Economic Forum. By early 2020 clients had invested $10 billion.
At the end of 2019 total core sustainable investments – assessed according to strict environmental, social and governance or impact criteria – accounted for $488 billion or 13.5% of UBS Group’s total invested assets
UBS is also a leader in philanthropy, hosting forums, roundtables and project field trips for hundreds of clients in Europe. In 2019 the charitable UBS Optimus Foundation raised $89.5 million and committed another $109.5 million to projects and partners.
The foundation is on track for a record year in 2020, with around $51 million raised so far from donors, a sum the bank will supplement with its own contribution.
