UBS is set to expand its presence in the South West with plans to launch an office in the region.
The wealth management division’s team of private client specialists currently services the South West from its London office.
Nick Tucker, UBS UK managing director and head of domestic wealth management, said plans were at an early stage, with the company considering office space between ‘Bristol and Hampshire’.
He added the company will recruit additional staff in the region.
‘The dislocation within the industry [since the launch of the retail distribution review (RDR)] means that there are quality teams looking for new homes.
‘RDR created a lot of change and in particular created a greater cost of business. Not everyone has majored on advice, which has led to real scope for competition [for new business].’
Regional expansion is a priority for the bank, following an extended restructure that has seen the redistribution of resources from the investment bank to its private client business globally.
Tucker added that the seven-strong chain of regional offices, which spans the North, Midlands, Edinburgh and Jersey, consistently scored higher than London in client satisfaction surveys.
For more on how UBS hopes to re-establish itself in the UK, see our cover star interview with Tucker in next week’s edition of Wealth Manager.