When UBS bankers leave, clients' wealth stays: global head
Major retention factor is that "the brand is more important than the person"
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DESPITE the merry-go-round of private bankers, UBS has managed to keep more than 90 per cent of the assets of its richest clients with the bank when a banker leaves. This cements the ultra-high-net-worth (UHNW) segment as the most profitable tier of the bank, says its global head of the UHNW segment.
"This is the most profitable segment within (the) UBS organisation. We control costs by not overhiring," Josef Stadler, head of global UHNW, UBS Wealth Management, told The Business Times. "We do not frantically hire new people - for two reasons. First, it's very expensive; second, those people are very hard to find."
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