Having said goodbye to wealth management down under, UBS has now moved to strengthen the investment bank with the help of a strategic alliance.
UBS and Melbourne-based JBWere have signed a non-exclusive cooperation agreement, according to a report by «The Sydney Morning Herald» published Monday.
JBWere, which is owned by the National Australia Bank (NAB) can now access the UBS research and the Swiss bank's capital market pipeline, the report said. JBWere has $45 billion in assets under advice.
One of Two Strategic Partners
UBS will be one of two strategic partners of JBWere. The second partner hasn't yet been identified, said Justin Greiner, the boss of the Australian brokerage.
JBWere has drawn its research from Goldman Sachs for the past five years and the continuation of this cooperation hasn't been assured yet.
Down under and unlike in other regions, UBS is expanding the investment banking business in place of wealth management. It sold its wealth management business in a management buyout to newly founded Crestone in May of 2015 as finews.ch reported at the time.
