UBS wealth management boosts assets as adviser head count slips

The part of UBS global wealth management group operating in the United States and Americas region continued a strong 2021, reporting annualized revenue per financial adviser for the quarter ending in June of $1.7 million, a 29% year-over-year increase, and net new fee generating assets of $14 billion in the Americas.

UBS recently revamped its separately managed account program and reported more than $8 billion on inflows for the quarter.

Meanwhile, its head count of financial advisers in the Americas region continued to decline, reaching 6,274 at the end of June, a drop of 2.1% compared to the same period a year earlier and 1% from the end of March.

UBS appears to be focusing on recruiting giant teams of private banking advisers as it continues to see experienced advisers walk to competitors. In June, InvestmentNews reported that a three-person team from J.P. Morgan Private Bank in San Francisco managing more than $10 billion moved to UBS; a few weeks earlier, a team in Boston managing $1.9 billion jumped to Rockefeller Capital Management.

"Global Wealth Management Americas achieved its best result ever, driven by recurring net fee income growth, as well as record loan volumes and strong advisor productivity," the company said in a statement, with pre-tax profit reaching $505 million, an increase of 122% when compared to the end of June 2020.

Bloomberg News reported earlier on Tuesday that UBS Group posted better-than-expected profit in the second quarter after Switzerland’s largest bank benefited from surging new assets and fee income, driving the shares to their biggest gain in more than eight months.