UBS France is set to strengthen its stake in UBS La Maison de Gestion, a French boutique for the ultra-rich as the Swiss wealth giant targets la crème de la crème of French wealthy and aristocratic society.
The Swiss wealth manager has announced plans to increase its holding in the private bank from 51% to 95%, in a move which complements its plans to increase its commitment to France as a strategic market.
The move will benefit clients, who can access tailor-made advice and expertise of the Swiss bank, UBS French boss Jean-Frédéric de Leusse said. The bank also wants to make more of La Maison, where assets under management have grown by 25% to €5bn since its inception in 2017.
This transaction will help us combine the agility of a high-end private management boutique with the expertise of the world's leading wealth manager"
UBS said the move underscores "unmistakably its commitment to the French market." UBS was convicted of money laundering and other charges in February by a French court, which ordered it to pay €4.5bn . It is appealing the ruling.
"This transaction will help us combine the agility of a high-end private management boutique with the expertise of the world's leading wealth manager," de Leusse added.
The boutique is the product of a takeover of Banque Leonardo and a cooperation a club of millionaires dubbed La Maison.
Following the transaction, the remaining 5% stake will be held by Groupe Dassault, Michel David Weill, Carlo de Benedetti and others, who will continue to play an important part in the group's development.
The transaction is pending the approval of the supervisory authorities and consultation with staff representative bodies.