About UBS Group

UBS Group AG (UBS) operates as a financial services company worldwide. Divisions UBS’s businesses are organized globally into four business divisions: Global Wealth Management, Personal & Corporate Banking, Asset Management, and the Investment Bank. Global Wealth Management division Global Wealth Management provides financial services, advice and solutions to private wealth clients. Its offering ranges from investment management to estate planning and corporate finance advice, in addition to specific wealth management and banking products and services. As a leading and truly global wealth manager, the company helps its clients pursue what matters most to them. The size and diversification of the company’s global franchise, the company’s bespoke cross -divisional solutions, and the company’s premium brand and reputation set the company apart. The company has strong positions in the largest and the fastest-growing regions – respectively, the U.S. and the Asia Pacific – and clearly defined regional priorities: scaling the company’s franchise in the U.S.; capturing growth in the Asia Pacific; increasing profitability in EMEA; and increasing market share in Switzerland, the company’s home market. The company’s focus remains on its core client base of ultra high and high net worth individuals through trusted relationships with the company’s advisors, while expanding its coverage of entrepreneur s, women and the next generation of wealthy individuals. The company is also strengthening its capabilities to serve its clients with the most sophisticated needs through the company’s Global Family & Institutional Wealth (GFIW) offering. As the company’s clients’ needs are changing, the company is adapting its capabilities and coverage. The company is therefore launching and scaling digitally customizable services, enhancing the company’s personally advised wealth management offering with digital support and expanding the company’s custom offerings for global family and institutional wealth to cater for the different needs of the company’s clients. In the second half of 2022, the company completed the sales of its wholly owned subsidiary UBS Swiss Financial Advisers AG, the company’s domestic wealth management business in Spain and the company’s U.S. alternative investments administration business. The company’s private markets business gives clients access to investments in private equity funds, hedge funds, and real estate. Additionally, the company continues to broaden its offering across asset classes and themes, collaborating with external partners, such as Robeco Asset Management, Ambienta, Rockefeller Asset Management, Rethink Impact and Bridge Investment Group, to provide clients with access to differentiated sustainable- and impact-investing opportunities. For clients with complex financial needs, the company’s GFIW offering addresses the execution, investment, risk management, financing and banking needs of family offices and their corporate entities, as well as entrepreneurs. In the company’s core personally advised service model, the company focuses on expanding its coverage of entrepreneurs, women and next-generation clients, alternative investments as a differentiated source of returns, and increasing digital convenience for all the company’s clients. The company is making continuous improvements to the company’s digital platforms, and has rolled out innovative new solutions , such as CircleOne (in 2022), a global ecosystem that connects clients to experts, thought leaders and actionable investment ideas, and UBS My Way (in 2021), a next-generation portfolio management solution that enables clients to tailor their investments to their individual preferences. The company has introduced the UBS My Way solution in Germany, Italy and Japan; and plans to also offer it in other markets. The company has launched WE.UBS, the first digital-only offering launched by a global wealth manager in China, and the company is planning the launch of further regional solutions. In Latin America, the company continues to expand its strategic partnership with Banco do Brasil, helping the company remains the best bank for wealth management in the region. The company’s competitors fall into two categories: competitors with a strong position in the Americas but more limited global footprints, such as Morgan Stanley and JPMorgan Chase; and competitors with similar international footprints but with a smaller presence than UBS in the U.S., such as Credit Suisse and Julius Baer. Personal & Corporate Banking division Personal & Corporate Banking serves its private, corporate, and institutional clients’ needs, from banking to retirement, financing, investments and strategic transactions, in Switzerland, through its branch network and digital channels. The company provides a comprehensive range of financial products and services to private, corporate and institutional clients. Personal & Corporate Banking is the core of the company’s universal bank in Switzerland. As a market leader across all the company’s business areas, the company strives to grow at a rate faster than the Swiss market. The company aims to be digital at the core by enabling the company’s clients to satisfy most of their banking needs via the company’s apps, while offering a user experience that is personalized, relevant, on -time and seamless. The company’s personal banking clients have access to a comprehensive, life-cycle-based offering. This includes a broad range ofbasic banking products, from payments to deposits, cards and convenient online and mobile banking, as well as lending(predominantly mortgages), investments and retirement planning services. In 2022, the company were once again named the ‘BestBank in Switzerland’ by Euromoney. The company’s offering is complemented by its UBS KeyClub reward program, which provides clients in Switzerland with exclusive and attractive offers, some of which are offered in collaboration with the company’s external partners. The company also works closely with Global Wealth Management to provide the company’s clients with access to leading wealth management services. The company’s corporate and institutional clients benefit from the company’s financing and investment solutions, in particular access to equity and debt capital markets, syndicated and structured credit, private placements, leasing, and traditional financing. The company offers transaction banking solutions for payment and cash management services, trade and export finance, and global custody solutions for institutional clients. The company works closely with the Investment Bank to offer capital market and foreign exchange products, hedging strategies, and trading capabilities, as well as corporate finance advice. In cooperation with Asset Management, the company also provides fund and portfolio management solutions. The company operates primarily in its Swiss home market. With the company’s Personal Banking and Corporate & Institutional Clients business units, the company is organized into 10 regions, covering distinct Swiss economic areas. The company operates a multi-channel approach, and the company is constantly developing its digital and remote channels. In Personal Banking, the company’s main competitors are Raiffeisen, the cantonal banks, Credit Suisse, PostFinance, and other regional and local Swiss banks; the company also faces competition from international neo banks and other national digital market participants. Areas of competition are basic banking services, mortgages, and foreign exchange, as well as investment mandates and funds. In Corporate & Institutional Clients, the cantonal banks, Credit Suisse and globally active foreign banks are the company’s main competitors. The company competes in basic banking services, cash management, trade and export finance, asset servicing, investment advice for institutional clients, corporate finance and lending, and cash and securities transactions for banks. The company also supports the international business activities of the company’s Swiss corporate clients through local hubs in New York, Frankfurt, Singapore and the Hong Kong SAR. Asset Management division Asset Management is a global, large-scale and diversified asset manager. It offers investment capabilities and styles across all major traditional and alternative asset classes, as well as advisory support to institutions, wholesale intermediaries and wealth management clients. The company offers investment capabilities and styles across all major traditional and alternative asset classes, as well as advisory support to institutions, wholesale intermediaries and the company’s Global Wealth Management clients. The company’s strategy is focused on capitalizing on the areas where the company has a leading position and differentiated capabilities –including sustainability, alternatives, indexed customization, and key markets in the Asia Pacific – in order to drive further profitable growth. In April 2022, the company completed the sale of its 49% shareholding in the company’s Japanese real estate joint venture, Mitsubishi Corp.-UBS Realty Inc., to KKR & Co. The company offers clients a wide range of investment products and services in different asset classes, in the form of segregated, pooled or advisory mandates, as well as registered investment funds in various jurisdictions. The company’s traditional and alternative capabilities include equities, fixed income, hedge funds (single- and multi-manager), real estate and private markets, and indexed and alternative beta strategies, including exchange-traded funds (ETFs), as well as sustainable- and impact-investing products and solutions. The company’s Investment Solutions business draws on the breadth of the company’s capabilities to offer: asset allocation and currency investment strategies across the risk–return spectrum; customized multi-asset solutions; and advisory and fiduciary services. The company’s business division is organized into five areas: Client Coverage; Investments; Real Estate & Private Markets; Products;and the COO area. The company covers the main asset management markets globally, and have a local presence in 23 locations across four regions: the Americas; the Asia Pacific; EMEA; and Switzerland. The company has nine main hubs: Chicago; the Hong Kong SAR; London; New York; Shanghai; Singapore; Sydney; Tokyo; and Zurich. The company’s main competitors are global firms with wide-ranging capabilities and distribution channels, such as AllianceBernstein, Allianz Asset Management, Amundi, BlackRock, Credit Suisse Asset Management, DWS, Franklin Templeton, Invesco, JPMorgan Asset Management, Morgan Stanley Investment Management, Schroders, SSGA Funds Management and T. Rowe Price, as well as firms with a specific market or asset-class focus. The Investment Bank division The Investment Bank provides a range of services to institutional, corporate and wealth management clients globally, to help them raise capital, grow their businesses, invest and manage risks. Its offering includes research, advisory services, facilitating clients raising debt and equity from the public and private markets and capital markets, cash and derivatives trading across equities and fixed income, and financing. The Investment Bank provides services to institutional, corporate and wealth management clients, helping them raise capital, invest and manage risks, while targeting attractive and sustainable risk-adjusted returns for shareholders. The company’s traditional strengths are in equities, foreign exchange, research, advisory services and capital markets, complemented by a focused rates and credit platform. The company uses its data-driven research and technology capabilities to help clients adapt to evolving market structures and changes in regulatory, technological, economic and competitive landscapes. Aiming to deliver market-leading solutions by using the company’s intellectual capital and electronic platforms, the company works closely with Global Wealth Management, Personal & Corporate Banking and Asset Management to bring the best of UBS’s capabilities to the company’s clients. In Global Banking, the company positions itself as trusted advisors via the company’s client coverage and ability to provide access to the wider suite of UBS’s capabilities. In April 2022, the company created Global Family & Institutional Wealth (GFIW), a cross-divisional offering that leverages capabilities from the Investment Bank and client coverage from Global Wealth Management to address the execution, investment, risk management, financing and banking needs of family offices and their corporate entities, as well as entrepreneurs. The company’s business division consists of two areas: Global Banking and Global Markets, which are supported by Investment Bank Research. The company’s global coverage model utilizes the company’s international industry expertise and product capabilities to meet clients’ emerging needs. The company’s Global Banking business advises clients on strategic business opportunities, such as mergers, acquisitions and related strategic matters, and helps them raise capital, both on public and private markets, to fund their activities. The company’s Global Markets business enables clients to buy, sell and finance securities on capital markets worldwide, and tomanage their risks and liquidity. The company distributes, trades, finances and clears cash equities and equity-linked products, as well as structuring, originating and distributing new equity and equity-linked issues. From origination and distribution to managing risk and providing liquidity in foreign exchange, rates, credit and precious metals, the company helps clients to realize their financial goals. The company provides flexible, innovative and bespoke access to solutions, from market and insight tools to trading strategies and execution. The company’s Investment Bank Research business continues to publish research based on primary data to concentrate on data-driven outcomes and offers clients differentiated content about major financial markets and securities around the globe, with analysts based in 22 countries and with coverage of more than 3,000 stocks in 49 different countries. The Strategic Insights team provides timely and relevant information and insights to help clients quickly make decisions regarding their most important questions. The company’s two business areas, Global Banking and Global Markets, are organized globally by product. The company’s business is regionally diversified, with a presence in more than 30 countries. The company covers the main investment banking markets globally, and has major financial hubs across four regions: the Americas; Asia Pacific; EMEA; and Switzerland. The company’s main competitors are the major global investment banks (e.g., Morgan Stanley, Credit Suisse and Goldman Sachs) and corporate investment banks (e.g., Bank of America, Barclays, Citigroup, BNP Paribas, Deutsche Bank and JPMorgan Chase). Group Functions Group Functions provides services to the Group, focusing on effectiveness, risk mitigation and efficiency. Group Functions also includes the Non -core and Legacy Portfolio unit Group Functions Group Functions is made up of the following major areas: Group Services (which consists of Chief Digital and InformationOffice, Communications & Branding, Compliance, Finance, Group Sustainability and Impact, Human Resources, Group Legal, Regulatory & Governance, and Risk Control), Group Treasury and Non-core and Legacy Portfolio. In recent years, the company has aligned support functions and business divisions. The vast majority of such functions are fully aligned or shared among the business divisions, where they have full management responsibility. By keeping the activities of the businesses and support functions close, the company improves efficiency and create a working environment built on accountability and collaboration. Certain activities are retained centrally, where not directly related to the businesses, such as Non-core and Legacy Portfolio; a small residual set of activities in Group Treasury; and certain other costs that are mainly related to deferred tax assets and costs relating to the company’s legal entity transformation program. Group Treasury Group Treasury manages balance sheet structural risk (e.g., interest rate, structural foreign exchange and collateral risks), as well as the risks associated with the company’s liquidity, capital and funding portfolios. Group Treasury serves all four business divisions, and its risk management is integrated into the Group risk governance framework. Non-core and Legacy Portfolio Non-core and Legacy Portfolio consists of residual trades from businesses exited by the Investment Bank, mainly in 2012.Positions are typically left to run to contractual maturity, although trades are terminated early where such action is economically prudent, and the portfolio continues to be actively hedged. The portfolio also includes positions relating to legal matters arising from businesses transferred to it at the time of its formation. Clients Global Wealth Management focuses on serving the unique and sophisticated needs of wealthy families and individuals. Personal & Corporate Banking serves a total of approximately 2.6 million retail clients and more than 100,000 corporateclients,3 companies ranging from start-ups to multi-nationals, including specialized entities, such as pension funds and insurers, real estate companies, commodity traders and banks. In Asset Management, the company manages relationships with institutional clients (including sovereign institutions, central banks, pension funds and insurers), wholesale intermediaries and Global Wealth Management and its clients. The Investment Bank provides corporate, institutional and wealth management clients with expert advice, financial solutions, deal execution and access to the world’s capital markets. Corporate clients can access advisory services, debt and equity capital market solutions, and bespoke financing through the company’s Global Banking business. The company’s Global Markets business focuses on helping institutional clients engage with local markets around the world, offering equities and equity-linked products, and foreign exchange, rates and credit products and services. Regulation and Supervision in Switzerland The company and its subsidiaries are subject to consolidated supervision by FINMA under the Swiss Banking Act and related ordinances, which impose standards for matters, such as minimum capital, liquidity, risk concentration and internal organization standards. In the U.S., UBS is subject to regulation and supervision by the Board of Governors of the Federal Reserve System (the FederalReserve Board) under a number of laws. UBS is subject to the Bank Holding Company Act, pursuant to which the Federal Reserve Board has supervisory authority over the U.S. operations of both UBS Group AG. UBS Americas Holding LLC, the intermediate holding company for the company’s operations in the U.S. outside of the company’s branch network, as required under the Dodd –Frank Act, is subject to requirements established by the Federal Reserve Board related to risk-based capital, liquidity, the Comprehensive Capital Analysis and Review (CCAR) stress testing and capital planning process, and resolution planning and governance. UBS Bank USA, a Federal Deposit Insurance Corporation (FDIC)-insured depository institution subsidiary, is licensed and regulated by state regulators in Utah and is also supervised by the FDIC. UBS Financial Services Inc., UBS Securities LLC and several other U.S. subsidiaries of UBS are subject to regulation by a number of different government agencies and self-regulatory organizations, including the SEC, the Financial Industry Regulatory Authority, the CFTC, the Municipal Securities Rulemaking Board and national securities exchanges, depending on the nature of their business. Certain of the company’s activities in the U.S. are subject to regulation by the Consumer Financial Protection Bureau. Regulation and Supervision in the U.K. The company’s regulated U.K. operations are mainly subject to the authority of the Prudential Regulation Authority (the PRA), which is part of the Bank of England, and the Financial Conduct Authority (the FCA). The company is also subject to the rules of the London Stock Exchange and other securities and commodities exchanges of which UBS AG is a member. The company’s regulated subsidiaries in the U.K. that provide asset management services are authorized and regulated mainly by the FCA, with one entity, UBS Asset Management Life Ltd, being also subject to the authority of the PRA. Regulation and Supervision in Germany / the EU UBS Europe SE, headquartered in Germany, is subject to the direct supervision of the European Central Bank, as well as to continued conduct, consumer protection and anti-money-laundering-related supervision by the German Federal Financial Supervisory Authority (the BaFin) and supervisory support by the German Bundesbank. The entity is subject to EU and German laws and regulations. UBS Europe SE maintains branches in Denmark, France, Italy, Luxembourg, the Netherlands, Poland, Spain, Sweden, and Switzerland; and is subject to conduct supervision by authorities in all those countries. Regulation and Supervision in the Asia Pacific The company operates in 13 locations in the Asia Pacific and is subject to regulation and supervision by local financial regulators. The company’s regional hubs are in Singapore and the Hong Kong SAR. In Singapore, the company conducts its operations primarily through UBS AG Singapore Branch and UBS Securities Pte. Ltd., which are supervised by the Monetary Authority of Singapore and the Singapore Exchange. UBS AG Hong Kong Branch is primarily supervised by the Hong Kong Monetary Authority. UBS Securities Hong Kong Limited, UBS Securities Asia Limited and UBS Asset Management (Hong Kong) Limited are primarily supervised by the Hong Kong Securities and Futures Commission. In addition, UBS Securities Hong Kong Limited is supervised by the Hong Kong Stock Exchange and the Hong Kong Futures Exchange. The company is subject to regulations concerning the use and protection of customer, employee, and other personal and confidential information. This includes provisions under Swiss law, the EU General Data Protection Regulation (the GDPR) and laws of other jurisdictions. History UBS Group AG was founded in 1862. The company was incorporated in 2014.