UBS's Wealth Management business incorporating the distribution platform for structured products in the US is not for sale, despite the rumours spread over the past few months surrounding the potential sale and the resignation last weekend of its group CEO Oswald Grübel, announced UBS executives in an internal memo this week.
"We want to reassure you that wealth management at UBS has a global footprint and is a core pillar of the firm's integrated business model," the memo, signed by UBS chairman Kaspar Villiger and interim chief executive Sergio Ermotti, said. "The continued success of our Wealth Management Americas business is essential to maintaining that footprint and helping achieve our strategic vision. Again, this business is not for sale."
Wealth Management Americas chief executive Robert McCann announced in a memo last week that business is "stronger than ever" and told employees not to worry despite the surprise resignation at the weekend. In the memo released this week, Villiger and Ermotti singled out McCann's role in helping the wealth management platform grow since the financial crisis and that he has "positioned this business for significant growth". It also stated that the business will "strive to become the best wealth management firm in the Americas".
In 2011, UBS Wealth Management has distributed structured products for banks including JPMorgan Chase, Barclays, HSBC, Morgan Stanley and RBC.