Global wealth management giant UBS has launched the multicultural investors strategic client segment, focused on meeting the needs of US investors from three of the largest racial and ethnic groups.
The segment will serve Asian-American, Black, and Hispanic and Latino investors with investable assets of $1m (£740,000, €890,000) and above.
It will be led by Melinda Hightower, head of multicultural investors strategic client segment at UBS Global Wealth Management.
The segment will deliver wealth management insights, inclusive investment solutions for investors who want to use their wealth to drive inclusion efforts, and advice to multicultural investors and their allies.
Hightower, who joined UBS from JP Morgan in 2021, said: “Multicultural investors are a sizable, yet underserved audience that are actively seeking wealth management advice.
“While investors often have the same overarching goals — to grow and preserve their wealth — their investment priorities, motivation, and views can differ widely across and within cultural groups, so it’s crucial we are prepared to support them on their wealth management journey.”
UBS’s financial advisers across the US will work in close collaboration with the client segment to attract and serve their client’s individual needs.
They will have access to multicultural-focused content that will explore the connection between culture, art, philanthropy, and sustainability to help provide their clients and prospects with experiences and advice.
Jason Chandler, head of UBS Wealth Management USA, said: “At UBS, we are reimagining the power of investing by adapting to the needs and preferences of current and prospective clients, as a result of the evolving financial landscape and societal shifts.
“We believe it’s important to expand the multicultural wealth narrative, take action and show tangible progress to ensure multicultural investors receive the guidance and advice they need to bridge the trust gap with the financial services community.”