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UBS Opens Ultra-HNW Office

Contributing Editor

18 July 2006

UBS has opened its first office in the US targeting ultra-high net worth clients. The new office in New York City will employ three private bankers – private wealth advisors – and a support team of 10. UBS said it plans further such offices throughout the US and will target clients with at least $10 million in assets. Reports suggest the Swiss bank plans further such offices in Florida and California, with around 15 of these offices planned in the next few years. The New York office will be managed by Frank Minerva, who moves from managing the UBS Financial Services midtown Manhattan branch, and who has been with the firm for more than 18 years.