UBS To Hire For Ultra-HNW Office, Up Offerings
Euromoney, is part of the Delinian Group, Delinian Limited, 4 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2024
Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

UBS To Hire For Ultra-HNW Office, Up Offerings

UBS plans to double the number of brokers and private bankers in its ultra-high-net-worth office at 299 Park Avenue in New York. The office has 17 brokers and four private bankers.

This article is a sample article from Institutional Investor magazine. For more information or to subscribe, please go to

UBS To Hire For Ultra-HNW Office, Up Offerings


Wall Street Letter

Frank Minerva, manager, declined to comment on required production numbers and assets under management. The Park Avenue office was UBS' first to cater exclusively to clients with at least $25 million in net worth. UBS is also planning to open ultra-HNW offices in Chicago, San Francisco, Los Angeles, Atlanta, Houston and Miami.The firm is also planning to issue loans using art collections as collateral. While the business can be lucrative, it is difficult to evaluate the future value of a collection and estimate volatility in the marketplace, an executive involved with the program said. UBS is currently working with Sotheby's and other auction houses to establish lending terms. Other firms, including Smith Barney and Merrill Lynch already offer lending against art.

Gift this article