The Swiss wealth giant is lifting its stake in a French boutique for the ultra-rich. The move prioritizes a market in which UBS has had mostly grief in recent years.
It began as the key draw for UBS' La Maison de Gestion: the Swiss bank's other stakeholders in the joint venture belonged to the crème de la crème of French wealthy and aristocratic society.
Two years later, most of those stakeholders have pulled out, leaving UBS to take over 95 percent of La Maison, the bank said in an emailed statement on Wednesday. The boutique is the product of a takeover of Banque Leonardo and a cooperation a club of millionaires dubbed La Maison.
Stepping Up Growth
UBS wants to more enmesh La Maison into its own business. The move will benefit clients, who can access tailor-made advice and expertise of the Swiss bank, UBS French boss Jean-Frédéric de Leusse said. The bank also wants to make more of La Maison, where assets under management have grown by 25 percent to 5 billion euros ($5.6 billion) since its inception in 2017.
UBS said the move underscores «unmistakably its commitment to the French market.» UBS was convicted of money laundering and other charges in February by a French court, which ordered it to pay 4.5 billion. It is appealing the ruling.
