Clients of private banking giant UBS in Asia are now able to receive personalised investment advice with the new service called UBS Advice.
UBS Advice is a software that analyses client portfolios against a set of pre-defined criteria such as asset allocation bands, bulk positions, issuer concentration and securities that are below investment grade. The new service ensures that the portfolios are aligned with the customer's chosen investment strategy and UBS' views on the market. However, clients still retain full decision-making over their investments.
UBS Advice is available to clients who invest a minimum of US$1 million and requires a flat advisory fee. According to Singapore's newspaper The Business Times, there are no brokerage or transaction fees for the service but the bank may retain trail fees from investment funds. Trail fees are the portion of the annual management fee paid to the adviser.
UBS Advice was launched in parts of Europe last year and has secured more than US$6.7 billion in assets to date, according to The Business Times. UBS hopes that the service will garner the same positive response in Asia this year. "We expect to be quite successful with this programme," said Kathryn Shih, CEO of UBS Wealth Management in Asia Pacific.