UBS to open Israel investment house

UBS had made Israel, Brazil and Russia its three priorities in the field of wealth management UBS CEO says.

UBS logo_390  (photo credit: Reuters)
UBS logo_390
(photo credit: Reuters)
Swiss global financial-services company UBS announced Tuesday it will open a wealth-management investment house in Israel that will offer clients domestic and international services.
This will mark the first time a foreign bank will provide shekel investment management through a Hebrew-speaking team, UBS AG chairman Kaspar Villiger and UBS Wealth Management Israel CEO Kobi Faigenbaum said at a press conference.
“By making this huge investment in Israel, UBS is acting on a vision of becoming one of Israel’s most prominent wealth-management investment houses within a few years’ time,” Faigenbaum said.
UBS had made Israel, Brazil and Russia its three priorities in the field of wealth management, he said.
The firm decided to prioritize Israel after internal research found the country outranked Mexico, Turkey and one of the major Gulf countries in terms of personal wealth growth and attractiveness for developing wealth-management operations, Faigenbaum said.
UBS said it would operate in Israel according to its “open architecture” principle, in which clients are offered the best financial products available on the market. It promised to do so with complete objectivity and transparency, saying it has no shekel investment products.
UBS is one of the world’s largest asset-management firms. It has been active in Israel since 1996 and is the longest-standing foreign member of the Tel Aviv Stock Exchange. It already offers Israelis corporate services in securities and investment banking.