Swiss investment bank UBS is aiming to net US$5 billion in assets through international expansion of its digital portfolio management system, looking to attract millionaire clients through increased digitalisation.
After rowing back from an initial foray into robo-advisory services several years ago, the world's largest wealth manager is extending a recently-launched hybrid platform that allows clients to customise their portfolios digitally with the assistance of human advisers.
"Since launching in Switzerland, we've never seen so many non-clients reaching out to us," Andre Spycher, head of sales management for UBS wealth business in Switzerland, told Reuters. "Clients are willing to pay a premium," Spycher said of My Way, adding that the application also lowered administrative and regulatory costs while speeding up internal processes, boosting profitability.