ZURICH, Nov 30 (Reuters) - UBS is not actively
benefiting from the crisis at rival Credit Suisse, UBS
Chairman Colm Kelleher told a Financial Times banking conference
Credit Suisse has reported sharp outflows as wealthy clients
turn their back on the embattled Swiss bank.
"We are not actively benefiting at their expense. We
view them as a worthy competitor going through a crisis which I
believe they will manage," Kelleher said.
"But clearly we are also in a world of clients moving
money around so where clients proactively approach us we either
let the money come to us or we let it go to our American
competitors and on that basis we do what we can," Kelleher said.
He said rich clients at UBS, the world's biggest wealth
manager, were holding more cash than at any time since the
financial crisis of 2008.
Kelleher touched on the
scrapped $1.4 billion
deal to buy Wealthfront, an automated wealth provider with
a U.S. focus that would have enabled the Swiss bank to expand in
the mass affluent wealth category.
"There has been management change in the United States,
valuations have changed, other circumstances have changed," he
The chairman said he felt the deal would have also
complicated things for the Swiss bank's investors and was not in
line with the company's otherwise clear U.S. strategy.
Kelleher dismissed speculation of tension between
himself and CEO Ralph Hamers. "Ralph and I get on phenomenally
well, we are very complementary," he said.
(Reporting by Noele Illien and Oliver Hirt, Editing by Michael