UBS to reshuffle European wealth management biz

Swiss financial group UBS has announced its Luxembourg branch UBS Luxembourg and other UBS’ entities in Europe will merge to become UBS Deutschland AG as from 1 December 2016.

In a statement to its clients, the company said that at the same time, a new company will gather these entities under the brand UBS Europe which will be headquartered in Frankfurt and regulated by German market authority BaFin.

Once the merger effective, UBS Luxembourg will cease to exist as a Luxembourg-domiciled company. However, all activities of the group in Luxembourg will be ensured by a local branch of UBS Europe.

All assets and liabilities of UBS Luxembourg will be transferred to UBS Europe’s Luxembourg branch.

In September, UBS relocated some 56 back-office jobs from its wealth management unit in Luxembourg to its Polish subsidiary located in Wroclaw.

ABOUT THE AUTHOR
Adrien Paredes-Vanheule
Adrien Paredes-Vanheule is French-Speaking Europe Correspondent for InvestmentEurope, covering France, Belgium, Geneva and Monaco. Prior to joining InvestmentEurope, he spent almost five years writing for various publications in Monaco, primarily as a criminal and financial court reporter. Before that, he worked for newspapers and radio stations in France, in particular in Lyon.

Read more from Adrien Paredes-Vanheule

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