Group 1: UBS Group AG Developments - UBS Group AG is re-aligning its wealth-management business to enhance offerings for ultra-rich clients, with a new division called GWM Solutions set to launch on July 1, 2024 [1] - GWM Solutions will consolidate various products, including investment management, lending, family and institutional wealth management, and alternative investments, managed by Yves-Alain Sommerhalder [1] - UBS is also establishing a unit named Unified Global Alternatives to integrate alternative asset-management products with its wealth business [2] Group 2: Financial Performance and Restructuring - Wealth management constitutes over 50% of UBS Group's total revenues, highlighting its significance as the bank's flagship business [2] - UBS plans to release over 13 billion compared to 2022 levels [2] - UBS shares have decreased by 4.7% on the NYSE over the past six months, contrasting with the industry's growth of 0.8% [4] Group 3: Industry Trends - Other banks, such as AssetMark Financial Holdings Inc. and Citizens Financial Group, are also restructuring their wealth management businesses to attract high-net-worth clients [5][6] - AssetMark is acquiring approximately $12 billion in assets from Morningstar Wealth as part of a strategic coalition, expected to close in the second half of 2024 [5] - Citizens Financial Group is focusing on growth in wealth management offerings and enhancing capabilities in the high-net-worth segment [6]
UBS Group (UBS) Forms GWM Solutions to Transform Wealth Unit