UBS's (UBSG.S) new hybrid digital wealth management platform has attracted $3.7 billion in its first year, boosting chief executive Ralph Hamers' strategy of winning more business from the lower echelons of the global rich.
The logo of Swiss bank UBS is seen at a branch office in Basel, Switzerland March 2, 2020. REUTERS/Arnd Wiegmann/File Photonew hybrid digital wealth management platform has attracted $3.7 billion in its first year, boosting chief executive Ralph Hamers’ strategy of winning more business from the lower echelons of the global rich.
The project, started in May last year before Hamers' became CEO, has the potential to pull in $30 billion within the next 12 months, a source familiar with the matter said. A UBS spokesman confirmed that target and current assets of $3.7 billion. Hamers made a comparison with video and music streaming services Netflix and Spotify, where people get personalised recommendations they can click on. "If we can make our content available in that way, we can differentiate ourselves," he told analysts.
Since being rolled out to new markets in Asia in October, MyWay has attracted interest ranging from smaller clients to some billionaires. The lion's share of assets are from Swiss clients, but MyWay has attracted larger tickets out of Asia, where it has netted nearly $1 billion since launch, Roberto Rango, UBS' head of advisory and sales for customer systems in Europe, said. Additional European markets are planned.
MyWay is just one of at least five digital roll-outs the bank unveiled for wealth management and its advisers last year, while further initiatives are planned this year, including a digital lending tool.
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