UBS plans to double the number of brokers and private bankers in its ultra-high-net-worth office at 299 Park Avenue in New York. The office has 17 brokers and four private bankers. Frank Minerva, manager, declined to comment on required production numbers and assets under management. The Park Avenue office was UBS’ first to cater exclusively to clients with at least $25 million in net worth. UBS is also planning to open ultra-HNW offices in Chicago, San Francisco, Los Angeles, Atlanta, Houston and Miami (WSL, 10/13).
The firm is also planning to issue loans using art collections as collateral. While the business can be lucrative, it is difficult to evaluate the future value of a collection and estimate volatility in the marketplace, an executive involved with the program said. UBS is currently working with Sotheby’s and other auction houses to establish lending terms. Other firms, including Smith Barney and Merrill Lynch already offer lending against art.