UBS Group - UBS STOCK NEWS

UBS has announced its acquisition of Wealthfront, a cutting-edge digital wealth management platform, for $1.4 billion. This strategic move aims to enhance UBS’s presence among affluent US investors and broaden its wealth management capabilities. Wealthfront manages over $27 billion for 470,000 clients, focusing primarily on millennial and Gen Z investors. The transaction is expected to close in the second half of 2022, subject to regulatory approvals, allowing Wealthfront to operate as a wholly owned subsidiary of UBS.

UBS has launched the Multicultural Investors Strategic Client Segment to cater to US investors from Asian-American, Black, and Hispanic and Latino backgrounds with investable assets of USD 1 million and above. Led by Melinda Hightower, this initiative aims to provide tailored wealth management insights and inclusive investment solutions. UBS recognizes that multicultural investors have unique needs and priorities, seeking to bridge the trust gap in financial services. This segment adds to UBS's existing suite of specialized services, enhancing their commitment to diversity and inclusion.

UBS and Hello Alice have increased the number of grants to 40 female founders of color as part of Project Entrepreneur, responding to 12,000 applicants. Each grantee receives $25,000, totaling $1 million in funding to support high-growth companies. The initiative seeks to bridge the equity gap that these entrepreneurs face in accessing capital. Recipients will also benefit from coaching and resources, enhancing their chances for success. This effort underscores the pressing need for equitable funding access for women of color in business.

UBS Wealth Management USA has welcomed Diane Johnston, a Financial Advisor with over 20 years of experience, to its Jericho, New York branch. Her expertise focuses on business owners, entrepreneurs, ERISA plans, endowments, and foundations. Amanda Librizzi, the branch manager, expressed enthusiasm regarding Diane's addition, highlighting her dedication to clients and potential to enhance client services in Long Island. Johnston is also engaged in community support, serving as the President of the Long Island Chapter for the Exit Planning Exchange and working against human trafficking with UNITAS.

UBS Wealth Management USA has welcomed Financial Advisor and Portfolio Manager, Brett C. Moore, to its team in Beverly Hills, California. With over 22 years of industry experience, Brett previously served as a Portfolio Management Director at Morgan Stanley. His expertise spans portfolio management, private equity, and private credit, with a focus on wealth planning and risk mitigation. Holding degrees from Tulane University and a Personal Financial Planning Certificate from the University of California, Brett is committed to client success and community engagement.

UBS Wealth Management USA has welcomed Financial Advisor Debbie Chen to its Pasadena, California office. With over 20 years of experience, Chen specializes in serving ultra-high net worth clients in the US and Asia, particularly in China, Taiwan, and Hong Kong. Prior to joining UBS, she spent 11 years at HSBC, providing comprehensive banking and investment services. Chen's expertise will enhance UBS's capabilities in wealth management, aligning with their goal of deepening their international presence in the LA market.

UBS (NYSE: UBS) has been found guilty by the French Court of Appeal for unlawful solicitation and aggravated laundering of proceeds from tax fraud between 2004 and 2012. A fine of EUR 3.75 million was imposed, significantly lower than the initial EUR 3.7 billion. Additionally, a confiscation of EUR 1 billion and civil damages of EUR 800 million to the French state were ordered. UBS (France) SA faced a fine of EUR 1.875 million. UBS plans to review the ruling and may appeal.

UBS Wealth Management USA has appointed Undra Johnson as the new Branch Manager for its offices in Canonsburg and Erie, Pennsylvania. Johnson brings nearly 30 years of experience in wealth management, having previously served as a Financial Advisor and Premier Manager at Wells Fargo Advisors. His dual experience as a Branch Manager and Financial Advisor positions him to understand the needs of clients and employees effectively. Johnson, a former NFL player, graduated from West Virginia University and has a strong commitment to wealth management.

Sarah Youngwood will succeed Kirt Gardner as Group Chief Financial Officer of UBS Group (NYSE:UBS) starting in May. Youngwood, currently CFO at JPMorgan Chase’s Consumer & Community Banking, brings extensive experience from her roles in finance at JPMorgan and holds degrees from ESCP Europe Business School and Stanford Graduate School of Business. Gardner, CFO since January 2016, will assist in the transition before retiring to pursue new opportunities. CEO Ralph Hamers expressed gratitude to Gardner and confidence in Youngwood's leadership.