Crestone Holdings Limited (Crestone) is pleased to announce that it has finalised the acquisition of UBS Wealth Management Australia Ltd (UBS Wealth Management) and has commenced operations with over AUD14 billion of assets under management.
An employee-owned firm, Crestone promotes a partnership culture of accountability and high performance. It has offices in Brisbane, Melbourne and Sydney with over 70 investment advisers, who have worked together for an average of 10 years.
The Chief Executive of Crestone, Mike Chisholm, said that Crestone has taken the time to develop a platform bespoke for wealth management, that together with its operating model and global network of strategic partners, delivers one of the most comprehensive offerings for high net worth clients in the market.
“Crestone’s investment approach draws on its heritage from the world’s largest wealth management firm and the relationships our team have built up over many years of operating in Australia. We subscribe to a belief that our success is best delivered through continuity of service, quality of investment advice and preserving the long-term interest of our clients.”
“You can only have a really good, robust investment process if you have a lot of diverse views from a number of different perspectives across asset classes and geographies,” Mr Chisholm said.
Crestone has secured a global network of strategic partners which includes UBS, Commonwealth Bank of Australia, Credit Suisse and Northern Trust—as well as market leading technology platform provider Avaloq. UBS will continue to provide Crestone with domestic and international securities execution, clearing and settlement, global investment research, access to capital markets offers and certain investment mandates and managed funds.
Matthew Grounds, Chief Executive Officer, UBS Australasia, added: “We are delighted to complete the sale of UBS Wealth Management to Crestone and we wish them every success for the future. They inherit a legacy of excellence in wealth management that has serviced the Australian market for more than 80 years and we welcome our continued association with both Crestone and its clients through our provision of a range of research, products and services as one of its strategic partners.”
