UBS has opened its first U.S. office catering exclusively to ultra-high net-worth clients. Frank Minerva, an 18-year UBS vet who most recently managed the firm's Midtown branch, will lead the new office, which is located in the firm's New York headquarters just north of Grand Central Terminal.
He will manage a team of 13 private wealth advisors and three private bankers.
"Successfully meeting the needs of these clients is a crucial component of our growth strategy in the U.S.," explained Marten Hoekstra, who heads UBS Wealth Management U.S. The office at 299 Park Avenue is the first of what UBS says will be a string of U.S. offices.