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Major Announcment at UBS by month end?

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Mar 12, 2010 3:31 am

http://www.reuters.com/article/idUSTRE62A4RR20100311

"They're a good candidate for a spinoff," said Carri Degenhardt-Burke, a Jersey City, New Jersey-based recruiter. "With everything going on, a lot of people who started at PaineWebber would like to go back and distance themselves from UBS."

 

UBS said McCann declined to discuss his plans before a broad announcement tentatively scheduled for later this month.

Mar 12, 2010 2:47 pm

[quote=Say What]

http://www.reuters.com/article/idUSTRE62A4RR20100311

"They're a good candidate for a spinoff," said Carri Degenhardt-Burke, a Jersey City, New Jersey-based recruiter. "With everything going on, a lot of people who started at PaineWebber would like to go back and distance themselves from UBS."

 

UBS said McCann declined to discuss his plans before a broad announcement tentatively scheduled for later this month.

[/quote]

It's an increase in FA payout.   New Long term incentive plan

Mar 12, 2010 5:03 pm

yes jen...they are going to increase payout, matching the 401k dollar for dollar, acelerate the pension vesting, and have cocktail cart roll through each office at 3pm.......NOT A CHANCE!

Mar 13, 2010 12:12 am

no cocktail cart

Mar 13, 2010 1:56 am

I don't think they're much of a candidate for a spinoff. And UBS is still a better brand than PaineWebber.

My guess is that at some point the Swiss will sell UBS, and reclaim their tarnished brand, but really, right now, who's going to buy them - not HSBC, or some other Asian bank and certainly not the public in an IPO.

Mar 13, 2010 6:36 am

you would be surprised.

ubs was already approached by a few high end wirehouses.

keep in mind, over the last year.

UBS layed off 30% of the brokers, primarily those producing less than 400k.

and...

Setup a call center to transfer clients with less than 250,000 in assets.

so most offices are left with above average accounts, in the hands of top producers.

Mar 13, 2010 7:27 am

[quote=aeromaks]

you would be surprised.

ubs was already approached by a few high end wirehouses.

keep in mind, over the last year.

UBS layed off 30% of the brokers, primarily those producing less than 400k.

and...

Setup a call center to transfer clients with less than 250,000 in assets.

so most offices are left with above average accounts, in the hands of top producers.

[/quote]

They may have culled the ranks a bit, but they've also lost a lot of producers and all those cuts in staff and resources are going to lead to more departures. I just don't see why it's that valuable. Certainly not enough to put up with all the uncertainty of a brokerage acquisition.

And once again who's gonna buy them? There aren't any wires anymore. ML's been absorbed into the BofA collective and MSSB will have merger issues to address for years as they cope with the fact that they're now the biggest firm by a significant margin. That's it - sure there's Wells Fargo, but that's pretty much the only domestic potential acquirer and they just said that they intend to recruit 10k new brokers. So who - what wires approached them?

Mar 13, 2010 8:25 am

GS

Mar 13, 2010 10:39 am

Ameriprise.

Mar 13, 2010 5:21 pm

[quote=aeromaks]

GS

[/quote]

I'm sorry but I find it very hard to believe that GS is interested in expanding into retail brokerage. They have some presence in the ultra high net worth space, but PWM is probably their least profitable division. Taking on several thousand retail brokers and opening the door to the liability and lawsuits - no.

Mar 13, 2010 5:23 pm

[quote=NOVA]

Ameriprise.

[/quote]

Hmmmm... maybe. Not very similar cultures, but that's never stopped them before. That certainly seems like the best candidate. I wonder how thrilled the UBS guys would be with the new brand... they'd probably change the name. Hopefully they'd get better branding geniuses than the heroes who came up with "Ameriprise".

Mar 13, 2010 6:15 pm

Ever heard them say they invented asset allocation?  Now they can say they invented Variable Universal Life too.

Mar 13, 2010 6:17 pm

actually if they merged with Ameriprise and took the Painne Weber name it would be somewhat workable.  Riversource and Columbia beat the crap out of Global Asset Management anyway.  And the 23 year old brokers are probably more likely to think structured products are good for the client. 

Mar 13, 2010 6:24 pm

I've heard Ameriprise too from MSSB.

Mar 13, 2010 11:22 pm

Lol.  Ameriprise.

they do have the money, but you do realize average amp producer is only writing 130k?  Average UBS producer is now north of 500k.

Average client at ameriprise was 40k in assets.

Average client at ubs was north of 400k, and at my former office north of 700k.

But who gives a rats ass.  How does this impact your business?  Whatever they do, they will do.

When I mentioned GS, I am not speculating, but saying what I know.  I was in a quite influential branch, close to home office, with an advisor who's clients were home office upper management.

Mar 14, 2010 2:05 am

[quote=aeromaks]

But who gives a rats ass.  How does this impact your business?  Whatever they do, they will do.

[/quote]

So true....

Mar 14, 2010 2:53 am

The new firm name would be

UBSurprised

Mar 14, 2010 2:58 am

Watchout for Chase....Dimon has Bear Stearns already(on the cheap) so why not combine Bear and UBS...

Mar 14, 2010 4:30 am

[quote=aeromaks]

Lol.  Ameriprise.

they do have the money, but you do realize average amp producer is only writing 130k?  Average UBS producer is now north of 500k.

Average client at ameriprise was 40k in assets.

Average client at ubs was north of 400k, and at my former office north of 700k.

But who gives a rats ass.  How does this impact your business?  Whatever they do, they will do.

When I mentioned GS, I am not speculating, but saying what I know.  I was in a quite influential branch, close to home office, with an advisor who's clients were home office upper management.

[/quote]Maybe AFAs or the little P1 FAs up there where you are.

Besides UBS had that whole hide your money out of the country thing going so of course they attracted UHNW.

Amp bought Columbia for 1B and their equity increased that much at least.

Got another wad of cash and will buy something else soon. I would like to see them go after regional bank but I can see UBS.

The name does kinda suck though. Ameriprise? What were they thinking?

Mar 14, 2010 7:42 am

[quote=N.D.]

[quote=aeromaks]

Lol.  Ameriprise.

they do have the money, but you do realize average amp producer is only writing 130k?  Average UBS producer is now north of 500k.

Average client at ameriprise was 40k in assets.

Average client at ubs was north of 400k, and at my former office north of 700k.

But who gives a rats ass.  How does this impact your business?  Whatever they do, they will do.

When I mentioned GS, I am not speculating, but saying what I know.  I was in a quite influential branch, close to home office, with an advisor who's clients were home office upper management.

[/quote]Maybe AFAs or the little P1 FAs up there where you are.

Besides UBS had that whole hide your money out of the country thing going so of course they attracted UHNW.

Amp bought Columbia for 1B and their equity increased that much at least.

Got another wad of cash and will buy something else soon. I would like to see them go after regional bank but I can see UBS.

The name does kinda suck though. Ameriprise? What were they thinking?

[/quote]

Stop kidding yourself. Those are the numbers for P2's included.  Most are lazy as hell, working from home.  You do have a few hitting it out of the park.  Please read my sig.  Amp and UBS I worked for, and still talk to management at each nearly weekly.

the day UBS Wealth Management is owned by Ameriprise.... is the day most brokers will leave.

And Squash... Chase was the other name mentioned that had interest.

Keep in mind, the changes UBS made, ie, call center and advisor lay offs, ARE DIRECTLY TIED, in response to the talks with Chase & GS, and whoever else.