UBS Group has plans to pursue more acquisitions of wealth management assets after gaining clarity from global regulators on the amount of capital it will need over the coming years, according to reports.
Bloomberg has reported that the firm is looking to purchase firms with at least 10 billion Swiss francs ($10.6 billion), according to people briefed on the matter.
UBS bought part of Nordea’s Luxembourg-based private banking business for $16 billion in January. In May the banking group also bought a majority stake in Brazilian-multi family office and wealth manager Consenco, which at the time had $6 billion in assets.
The Swiss bank has told analysts it has room for deals and other investments after reviewing how much it will spend on buying back shares, Bloomberg reported. UBS chief executive Sergio Ermotti plans to return up to 2 billion Swiss francs to shareholders in its first buybacks in a decade after the Basil IV capital rules were announced in December 2017.
In January the group also announced it would be merging its US and Swiss-based global management divisions into a new unit called US Global Wealth Management.