UBS Group's CEO is shaking up the group with robo investing, in a move to reach out to younger clients, who don't have as deep pockets as the bank's typical clients. — Photo: 123rf.com
UBS Group AG has become an investor favourite in recent years as a reliable beacon of profitability. For Chief Executive Officer Ralph Hamers, such stability poses a challenge: how to fix something that isn’t visibly broken.
Coming from ING Groep NV, the Dutch lender he’s credited with transforming, the Dutchman’s mission statement is to pull UBS into the Digital Age. Last week, he made his long-awaited first move, buying robo wealth adviser Wealthfront for US$1.4bil (RM5.86bil) in cash.
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