Welcome to our dedicated page for UBS Group news (Ticker: UBS), a resource for investors and traders seeking the latest updates and insights on UBS Group stock.
UBS Group AG (symbol: UBS) is a multinational investment bank and financial services company based in Switzerland, with co-headquarters in Zürich and Basel. As the largest Swiss banking institution and the world's largest private bank, UBS maintains a robust presence in major financial centers globally.
The company excels in global wealth management, focusing on high and ultra-high-net-worth individuals. Its Swiss operations include traditional retail and commercial banking. UBS also leverages its investment bank and asset management arms to support its wealth management services, providing comprehensive solutions to third-party clients.
UBS's recent achievements include substantial investments in innovative technology ventures. Notably, UBS Next, the group's venture and innovation unit, recently invested in Synthesized Ltd, a data generation and provisioning platform. This partnership aims to enhance data management and security using advanced machine learning and automation technologies.
UBS's diversified offerings and strategic partnerships ensure cutting-edge services, catering to a broad clientele ranging from private individuals to large corporate entities. As of the fourth quarter of 2023, UBS manages an impressive USD 5.7 trillion in invested assets, further solidifying its status as a global financial powerhouse.
UBS shares are publicly traded on the SIX Swiss Exchange and the New York Stock Exchange (NYSE), reflecting the company's significant role in the international financial market.
UBS Group AG (NYSE:UBS) has successfully completed the merger of UBS AG and Credit Suisse AG within the expected timeline, with global regulatory support. Credit Suisse AG has been deregistered and no longer exists as a separate entity. UBS AG inherits all of Credit Suisse AG's rights and obligations, including outstanding debt instruments. Clients of Credit Suisse AG will migrate to UBS platforms over time, although they will temporarily use existing Credit Suisse tools.
UBS CEO Sergio P. Ermotti highlights the milestone as important for unlocking cost, capital, funding, and tax benefits from the second half of 2024. A transition to a single US holding company is planned for June 2024, with further mergers expected by the third quarter of 2024, pending regulatory approvals.
UBS has announced significant changes to its Group Executive Board (GEB) as part of its ongoing integration with Credit Suisse. Key appointments include Iqbal Khan as President of UBS Asia-Pacific and Co-President of Global Wealth Management (GWM), and Rob Karofsky as President of UBS Americas and Co-President of GWM. George Athanasopoulos and Marco Valla will become Co-Presidents of the Investment Bank. Damian Vogel will replace Christian Bluhm as Group Chief Risk Officer. These changes are effective 1 July 2024, pending regulatory approval. The merger of UBS AG and Credit Suisse AG is scheduled for 31 May 2024.
UBS Private Wealth Management announced that three advisor teams in the Philadelphia D.C. market were recognized by Barron’s on multiple industry lists for 2024.
The teams—Wickham Cash Partners, LongBernsteinGunderson Wealth Management, and The Capital ESOP Group—were named to Barron’s Top 250 Private Wealth Management Teams list. Wickham Cash Partners, led by Greg Cash and Mitchell Wickham, also secured spots on Barron’s Top 100 Financial Advisors list.
LongBernsteinGunderson Wealth Management, with offices in Philadelphia, New York City, and Dallas, is led by Brad Bernstein, Louise Gunderson, and Ryan Long. The Capital ESOP Group, based in Washington, D.C., is led by Keith Apton and Nick Francia.
The rankings were based on criteria such as revenue produced, assets under management, quality of practice, and regulatory record.
UBS Investment Bank announced the quarterly coupon payment for its ETRACS Alerian MLP Index ETN Series B (NYSE Arca: AMUB). The coupon payment of $0.2878 will be distributed on June 6, 2024, with a record date of May 29, 2024. The ex-date is also set for May 29, 2024, and the coupon valuation date is May 15, 2024. This payment results in an annualized current yield of 6.43%, although future coupon payments are not guaranteed.
UBS AG has issued a reminder about the upcoming maturity of its UBS AG FI Enhanced Large Cap Growth ETNs, originally scheduled for June 19, 2024, but adjusted to June 20, 2024, due to a non-trading day. The ETNs are to a maximum of 245,000 outstanding units. The final trading day will be June 18, 2024, with a final measurement period from June 10 to June 14, 2024. Investors will receive the Payment at Maturity as calculated in the prospectus supplements. UBS cautions that the suspension of new issuances could impact market value and liquidity, potentially causing ETNs to trade at a premium, which may lead to financial losses for investors paying above the indicative value. The announcement does not change the terms of the ETNs or the redemption rights of holders.
UBS Wealth Management USA announced that 33 financial advisors from Southern California and Hawaii were named to the 2024 Forbes Best-In-State Wealth Advisors list. The advisors are spread across San Diego (14 advisors), Orange County (16 advisors), Inland Empire (1 advisor), and Hawaii (2 advisors). This recognition highlights the advisors' commitment to strategic financial planning and personalized guidance. The Forbes/SHOOK Best-in-State Wealth Advisors list ranks 8,507 advisors managing nearly $13.5 trillion in client assets, based on quantitative and qualitative data.
UBS announced that 16 of its financial advisors in Arizona made the Forbes Best-in-State Wealth Advisors list for 2024. In particular, Steven Schultz was ranked #1 in Arizona and #85 nationally. The list includes advisors from Phoenix and Tucson, managing nearly $13.5 trillion in client assets. The rankings are based on quantitative and qualitative data compiled by SHOOK Research.
UBS reported a strong 1Q24 performance with a net profit of USD 1.8bn and underlying PBT of USD 2.6bn. The company showed significant positive operating leverage with revenue growth of 15% QoQ and operating expenses reduction of 5% QoQ. UBS achieved net new assets of USD 27bn in Global Wealth Management and reduced non-core and legacy RWA by USD 16bn. The company named top employer for business students in Switzerland. Integration plans with Credit Suisse on track with merger expected on 31 May 2024.
Stockton Schultz, a financial advisor at UBS Wealth Management USA in Phoenix, has been named to the Financial Planning Top 40 Brokers Under 40 list for 2024 and earned the Athletes and Entertainers Consultant designation at UBS. With over 15 years of experience, Stockton Schultz provides tailored wealth management strategies to high-net-worth families, athletes, and entertainers. The Top 40 Brokers Under 40 generate $207 million in annual revenue and oversee $53 billion in client assets.
Three UBS Financial Advisors in Arizona, Susan Bailey, Jennifer Loson Luckovich, and Jennifer Pope, have been named to the Forbes Top Women Wealth Advisors Best-In-State list for 2024. The advisors excel in providing personalized wealth management services and advice to both women and men. Susan Bailey is the lead financial advisor of Bailey Wealth Management at UBS, focusing on income planning, insurance protection, and generational wealth transfer. Jennifer Loson Luckovich is a Certified Financial Planner helping women navigate financial changes. Jennifer Pope has over 20 years of experience and is recognized for her community involvement. The Forbes/SHOOK Top Women Wealth Advisors Best-In-State list features 1,991 women managing assets totaling over $2.8 trillion.
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