UBS beefs up Israel wealth-management

UBS is adding staff to its wealth-management business in Israel as a boom in the country’s technology industry turns a growing number of entrepreneurs into millionaires.

Bloomberg News reports that the bank at the end of October hired two more people to advise clients and now has 60 employees managing the wealth of the country’s richest residents, said Kobi Faigenbaum, vice chairman and chief executive officer of UBS Wealth Management Israel. The bank may add more people to the unit to meet demand, he said.

'The number of Israeli millionaires is rising, almost by definition', Faigenbaum said in an interview in Herzliya, north of Tel Aviv. 'About 40 to 50% of the calls we get or the people that we approach are from high tech. It’s not just the entrepreneurs themselves, but it’s also the lawyers and accountants that serve the industry'.

To access the complete Bloomberg News article hit the link below:

UBS Adds Israel Wealth Bankers as Tech Boom Breeds Millionaires

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