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
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
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
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