Crestone, an Australia-based employee-owned firm, has completed the acquisition of UBS Wealth Management Australia and has started operations with more than AUD14bn of assets under management (AUM).
Crestone has offices in Brisbane, Melbourne and Sydney with over 70 investment advisers, working together for nearly 10 years.
Following the acquisition, UBS will continue to provide Crestone with domestic and international securities execution, clearing and settlement, global investment research, access to capital markets offers and certain investment mandates and managed funds.
Crestone has secured a global network of strategic partners that includes UBS, Commonwealth Bank of Australia, Credit Suisse and Northern Trust and technology platform provider Avaloq.
Crestone CEO Mike Chisholm said that the new business has taken the time to develop a platform bespoke for wealth management, which together with its operating model and global network of strategic partners deliver comprehensive offerings for HNW clients.
Chisholm said: "Crestone’s investment approach draws on its heritage from the world’s largest wealth management firm and the relationships our team have built up over many years of operating in Australia. We subscribe to a belief that our success is best delivered through continuity of service, quality of investment advice and preserving the long-term interest of our clients.
"You can only have a really good, robust investment process if you have a lot of diverse views from a number of different perspectives across asset classes and geographies."