Fixed income sales jump, says UBS wealth unit
Fixed-income sales have jumped at UBS’s Investment Products and Services (IPS) unit in Zurich, which serves the bank’s ultra high net worth individuals.
Fixed income is “significantly busier” in terms of transaction volume, says a Bloomberg report. William Kennedy, head of the unit, said: “Everybody went into last year thinking it was going to be the year of equities. Everybody got it wrong.”
IPS works with UBS’ Global Family Office Group, which gives its UHNWI clients, defined as having at least SFr50m, access to rare investment opportunities with private equity funds and hedge funds such as Brevan Howard and Bluecrest Capital.
“Overall transaction volumes in the markets are still at depressed levels,” said Kennedy. He added that the IPS unit must provide the technology, ideas and products to allow advisers to ‘deliver’ to a large number of customers: “That’s how this game will be won in the next four or five years.”