Best global private bank

UBS boasts one of the best-staffed chief investment offices in global private banking, but the bank is adamant there is much more to success in this highly competitive sphere than high quality research. Translating investment insights into actionable investments in client portfolios, and matching them with products which appeal to clients, is just as important. “We’re increasingly using our digital capabilities to bring those CIO insights to clients in ways that are more personalised and relevant to them,” says the bank. “In short, the CIO provides the fuel for our UBS ecosystem.” This global wealth management powerhouse, now under the joint leadership of Tom Naratil and Iqbal Khan, has never looked back since the financial crisis, after which its then CEO Jürg Zeltner decided to ditch secrecy, tax-led services and all the other private banking fripperies while concentrating instead on high quality portfolio management. “The core of private banking is and will remain addressing client needs. Especially during volatile times, clients look to us to not only safeguard their wealth but also take advantage of dislocations,” says the bank. UBS says 75 per cent of its CIO calls outperformed during the Covid-19 dark days of 2020. There has also been a growing realisation at the bank for several years that it must not become over-reliant on its vibrant Asia-Pacific business, which recorded its best ever second quarter in 2021. There are recent signs that US and Emea businesses are gaining momentum. The type of service offered to clients is, however, expected to keep evolving, with clients now encouraged to join an internal network which connects them to one another. “These connections can amplify results for all concerned,” says the bank. “While we can see the competition in the rear-view mirror, we are confident that by becoming not only the best wealth manager but also the most convenient to work with, we will continue to lead the pack.” YB