UBS in wealth management push

UBS building

UBS aims to triple the assets that its U.S. wealth management clients keep in fee-based accounts within seven to 10 years, a top executive said on Tuesday.

Reuters reports that like rivals such as Morgan Stanley and Bank of America's Merrill Lynch Wealth Management, UBS Wealth Management Americas is moving "up the chain" of wealthy investors to pull their money to its asset management platforms, said Paul Hatch, who oversees products and services sold by UBS Wealth Management Americas' 7,000 brokers.

"We have to get further and further from the mass affluent space, and, some people would say, even from the high-net-worth space to the ultra-high-net-worth," Hatch, a group managing director, told mutual fund sales executives at a conference sponsored by Financial Research Associates.

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