John Straus, New York-based managing director and US head of UBS private-wealth management US wants the Switzerland-based global firm to become the market leader in the ultra high-net-worth market by 2015.

Mr Straus told Investment News the company hoped to increase its assets under management for ultra wealthy clients to $250 billion by 2010, more than double last year’s $110 billion figure.

He told the publication UBS planned to build out at least a dozen new offices for ultra wealthy clients across the country over the next two years and increase the number of specialists working with ultra high net worth clients to 400 by 2010, from 140 today.

“This is the fastest-growing part of our business, and we see an opportunity to do in the US what we have done so successfully in other parts of the world,” said Mr Straus.

Ultra wealthy clients with investible assets of $40 million to $50 million are rapidly emerging as one of the most coveted segments of the wealth management business in the US, according to Investment News.