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UBS launched its inaugural Asian Investment Conference (AIC) Singapore Wealth Edition on May 22 at Capella Singapore, attracting over 1,000 participants, including family offices and ultra-high net worth individuals. The event featured prominent speakers such as former US President Bill Clinton and Singapore's Deputy Prime Minister Gan Kim Yong, discussing strategies for navigating current global market conditions. The AIC will continue with its Hong Kong leg from May 27 to 30.
UBS is set to enhance its wealth management division by appointing Benjamin Cavalli, a former Credit Suisse executive, to lead a new unit called “Strategic Clients and Global Connectivity” starting July 1, 2025. This initiative aims to improve global connectivity and collaboration for clients, while the UHNW Solutions Group will transition to GWM Solutions, with key teams joining Cavalli's unit to strengthen ultra-high-net-worth offerings.
UBS is restructuring its Global Wealth Management division, creating a new unit called "Strategic Clients and Global Connectivity," led by Benjamin Cavalli starting July 1, 2025. This move aims to enhance global connectivity for clients and improve regional collaboration, while the UHNW Solutions Group will transition to GWM Solutions, with some teams joining Cavalli's unit.
UBS is restructuring its Global Wealth Management division, creating a new unit led by Benjamin Cavalli, who will enhance global connectivity for clients starting July 1. The UHNW Solutions Group will shift to GWM Solutions, while certain teams will remain under Cavalli's leadership to bolster ultra-high-net-worth services and regional collaboration.
Geneva-based lawyer Nicolas Ollivier highlights the dangers of high-risk currency derivatives, specifically Range Target Profit Forwards, which have led to significant losses for UBS clients. These products promise limited gains while exposing investors to disproportionately high risks, with potential losses reaching millions. Despite the risks, many clients, often lacking substantial assets, were unaware of the asymmetrical risk distribution, leading to margin calls and financial distress.
UBS's Global Wealth Management is facing backlash as clients suffer significant losses from high-risk derivatives, with some clients at risk of losing up to 2.9 million francs. Lawyer Nicolas Ollivier highlights the asymmetrical risk distribution in these structured products, which were aggressively marketed to less affluent clients. The bank is currently reviewing the situation amid extreme market volatility, but details on the number of affected clients remain undisclosed.
UBS is facing scrutiny for aggressively selling risky foreign exchange derivatives, with client advisors pressured to promote these products despite their asymmetric risk profiles. While the bank seeks to compensate affected clients, concerns grow over the advisors' practices and the potential fallout for senior management.
Two whistleblowers from Credit Suisse are set to receive up to $153 million after revealing the bank's continued misconduct in helping US clients evade taxes, despite a previous settlement in 2014. UBS has agreed to pay a $511 million fine, a significant portion of which will reward the whistleblowers for their courage in exposing the truth. The case highlights ongoing issues within the Swiss financial sector, with many former managers no longer in banking roles.
Investors are increasingly diversifying from U.S. assets to gold, cryptocurrencies, and Chinese markets, driven by trade tensions between the U.S. and China. UBS's Amy Lo noted a growing interest in China, while Morgan Stanley's Christina Au-Yeung highlighted improved market sentiment following a recent tariff truce. Both firms emphasize a shift towards risk budgeting among clients, reflecting heightened volatility in the market.
UBS's St. Moritz branch faces a crisis as wealthy clients suffer significant losses from complex foreign exchange derivatives, particularly conditional target redemption forwards. These products, marketed to affluent clients, have triggered margin calls after exchange rates fell, raising concerns about the suitability of such investments for less wealthy individuals. Internal investigations are underway to determine if risk control systems failed or if advisors bypassed them, with regulatory scrutiny expected.
Kubra Khan
People
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