UBS is shutting its Australian wealth-management unit amid competition from local brokerages.
Bloomberg News reports that the unit’s former head, Mike Chisholm, and some senior advisers are creating Crestone Wealth Management, a new firm that’s expected to be operational from October, Crestone said in a Tuesday statement.
Most of the client advisers and senior managers from the UBS business have indicated their intention to join Crestone, it said.
The bank’s exit comes after a more than month-long review and as local firms expand in wealth management in a bid to tap the nation’s pension savers and rich investors.
In the meantime, Bloomberg also reports that Shaw Stockbroking plans to hire as many as 30 private-wealth advisers across Australia as its new head of wealth management seeks more business from pension savers and rich investors.
Earl Evans has added six advisers, including Tony Doyle from Macquarie and David Wells from Baillieu Holst Ltd., since joining as the firm’s head of wealth management three months ago. Evans said he’s seeking to have 150 to 160 advisers in coming months, from about 130 people now.