UBS Group AG - UBS STOCK NEWS

UBS Investment Bank has announced quarterly coupon payments for the ETRACS Alerian MLP Index ETN Series B (NYSE Arca: AMUB). The ETN, traded on the NYSE Arca, will distribute a coupon amount of $0.2794 per note. Key dates for this distribution include:

- Coupon Valuation Date: August 15, 2024
- Ex-Date and Record Date: August 28, 2024
- Payment Date: September 6, 2024

The current yield, annualized based on this coupon payment, is 6.30%. However, UBS emphasizes that this yield is not indicative of future coupon payments, and there is no guarantee of any coupon or distribution amount under the ETN.

UBS reported a net profit of USD 1.1bn for 2Q24, with a profit before tax (PBT) of USD 1.5bn and an underlying PBT of USD 2.1bn. The first half of 2024 saw a net profit of USD 2.9bn and net new assets of USD 27bn in Global Wealth Management. The company achieved USD 0.9bn in gross cost savings, reducing non-core and legacy risk-weighted assets by 42% year-over-year. UBS maintained a strong balance sheet with a CET1 capital ratio of 14.9% and commenced share repurchases worth USD 467m as of 9 August 2024. UBS was named "World's Best Bank" and "Switzerland’s Best Bank" at the Euromoney Awards for Excellence 2024. Despite economic uncertainties, UBS expects continued momentum in client and transactional activity into the third quarter, along with integration-related expenses and moderate net interest income headwinds.

UBS Investment Bank has announced coupon payments for 8 ETRACS Exchange Traded Notes (ETNs). Five ETNs traded on NYSE Arca will receive payments on August 20, 2024, while three ETNs traded on NASDAQ are expected to receive payments on August 27, 2024. The ETNs are linked to various indices, including high dividend, small cap, preferred stock, closed-end fund, mortgage REITs, gold, silver, and crude oil.

Notable coupon amounts include $0.1177 for HDLB (9.78% annualized yield), $0.0377 for SMHB (16.69% annualized yield), and $0.2116 for CEFD (14.12% annualized yield). The NASDAQ-traded ETNs have expected coupon amounts of $2.0509 for GLDI (12.31% expected yield), $1.5541 for SLVO (22.59% expected yield), and $0.4186 for USOI (10.65% expected yield).

UBS Private Wealth Management has announced the appointment of Dan Chorney as a Managing Director and Financial Advisor in Manhattan. With over 20 years of experience, Chorney will be based in the firm's 1285 Avenue of the Americas office, reporting to Market Director Kellie Brady. His expertise includes advising on complex financial matters, guiding founders through business sales, and working with private equity professionals and non-profit organizations.

Chorney joins UBS from Bernstein Private Wealth Management, where he served as a Private Wealth Advisor. He holds an MBA from New York University and a bachelor's degree from the University of Vermont. Outside of work, Chorney is actively involved in philanthropy, particularly supporting research for Prader-Willi syndrome through the Foundation for Prader-Willi Research.

UBS announced that four financial advisors in its Pacific Desert Market have been named to the Barron's Top 1200 Financial Advisors list for 2024. The recognized advisors are:

• Matt Megorden (Honolulu) - Ranked #1 in Hawaii for the fifth consecutive year
• Steven Schultz (Phoenix) - Ranked #3 in Arizona
• Brad Howell (Phoenix) - Ranked #26 in Arizona
• Braydon Hamilton (San Diego)

These advisors have also been recognized on other prestigious lists, including Forbes Best-in-State Wealth Advisors. Justin Frame, Pacific Desert Market Executive at UBS Wealth Management USA, praised their professionalism and commitment to client service. The rankings are based on factors such as assets under management, revenue, regulatory record, and quality of practice.

UBS Wealth Management USA announced that The Rosegarten/Rubin Financial Group, an advisor team in their 299 Park Avenue office, has been named to the Forbes Best-In-State Wealth Management Teams and Forbes Top Wealth Advisors lists for 2024. Founded over 30 years ago by David Rosegarten and Miles Rubin, the team is known for providing expert financial advice to prominent executives, business owners, corporations, and non-profit organizations.

The team specializes in total portfolio planning, focusing on long-term asset growth, fixed income strategy, retirement planning, asset allocation, and risk management. Both David and Miles have been recognized individually on the Forbes Best-in-State Wealth Advisors list for several consecutive years. The Forbes/SHOOK Best-In-State Wealth Management Teams list for 2024 includes over 4,100 teams managing approximately $5.1 trillion in client assets.

UBS Private Wealth Management has announced the addition of the Reynolds, Grindel & Hall Wealth Management Group to its Tampa, FL office. Led by Managing Director Greg Kadet, the team includes Financial Advisors Jeffrey Reynolds, David Grindel, and Jeremy Hall, bringing nearly 70 years of combined industry experience. They specialize in comprehensive financial planning and personalized wealth management strategies.

Jeffrey Reynolds, with over 30 years of experience, focuses on multi-generational wealth management and community involvement, serving on various boards. David Grindel, a Certified Financial Planner™ with 20 years of experience, prioritizes long-term financial planning and community service. Jeremy Hall, also a Certified Financial Planner™, specializes in estate planning, retirement strategies, and insurance needs. This team joins UBS from Morgan Stanley.

UBS Private Wealth Management USA has announced the hiring of Joshua Cummins as a Private Wealth Advisor in their Westlake Village office. Cummins, who brings over 25 years of experience and is a Chartered Financial Analyst, joins from Merrill Lynch. His team, managing over $1.1 billion in client assets, will focus on ultra-high-net-worth clients, including corporate executives and individuals in the entertainment industry. Cummins has been recognized in Forbes' Best-in-State Wealth Advisors (2023) and Wealth Management Teams (2024). This move is part of UBS’s strategy to enhance its private wealth capabilities in the Los Angeles area, under the leadership of Market Executive Lauren Gorsche and Market Director Kate Daniels.

UBS Wealth Management USA has announced that David Schachter, a Financial Advisor in the firm's Los Angeles Market, has been named to the Forbes Best-in-State Wealth Advisors list for 2024. Schachter, recognized for his dedication to clients in the entertainment industry, provides investment advice to top artists, songwriters, producers, directors, digital talent, and executives in Hollywood. Schachter holds the Athletes and Entertainers Consultant designation at UBS, meeting specific criteria for experience and commitment. The Forbes rating, determined by Shook Research, is based on data from a 12-month period ending June of the prior year.