The Swiss wealth manager is launching a new private markets offering for the super-rich in the U.S.
UBS is launching a new initiative called private markets one-bank, led by Paul Crisci, according to a memo seen by finews.com. The unit is to centrally manage the origination and distribution of all private markets transactions.
The efforts builds on the creation last July of a private financing markets group under Crisci, which worked to connect issuers looking to raise capital privately with UBS' investment bank, asset management arm, and private bank.
Echoing Rival's Push
The one-bank push echoes a name Credit Suisse has employed since 2005. The memo, first reported by «Bloomberg,» was signed by wealth co-head Tom Naratil, asset management boss Suni Harford, and investment bank co-head Rob Karofsky.
It isn't UBS' first effort: last year, top investment banker Piero Novelli said he wants to better link up wealthy investors to companies seeking capital. Under the «one-bank» push, UBS will dedicate investment bankers in its service hubs for wealth clients, in a bid to cull more investment banking business from its network of super-rich clients and from family offices.
Senior Partners
UBS said it will enlist senior bankers from all of its units into the effort. Top American wealth manager Brian Hull will sponsor the project, which will also include Mark Sanborn, UBS' head of markets in the Americas. UBS' top banker to the super-rich, Josef «Joe» Stadler, isn't mentioned in the memo.
