UBS executives have always told me that they are clients of the company and not the consultant. and Canadian asset management operations as well as international transactions in the United States.  UBS Wealth Management in the United States is a former brokerage business of Paine Webber. The company was first renamed UBS Paine Webber in March 2001, after being acquired by UBS. The division offers a comprehensive set of asset management advisory solutions for ultra-high net worth and high net worth clients.  UBS received the “Best Bank for Wealth Management in North America” award at the Euromoney Awards for Excellence 2017.  UBS was founded in 1862 as a bank in Winterthur with the emergence of the Swiss banking sector. In the 1890s, the Schweizerische Bankverein (SBC) was created, forming a private banking syndicate that expanded with the help of Switzerland`s international neutrality. In 1912, Winterthur Bank merged with Toggenburger Bank to become the Union Bank of Switzerland (UBS) and grew rapidly after the codification of Swiss banking secrecy by the Banking Act of 1934.
After decades of market competition between SBC and UBS, the two companies merged in 1998 into a single company known exclusively as “UBS”. [nb 3] In the early 2000s, the corresponding rise of UBS and Credit Suisse established a legislated oligopoly of Swiss private market activities. After suffering heavy losses during the 2008 financial crisis with an asset recovery program, UBS was hit in 2011 by the rogue-trader scandal, which resulted in a $2 billion trading loss. In 2012, the bank turned to wealth advisory and limited its sell-side activities. Two years later, in 1997, SBC paid US$600 million to buy Dillon, Read & Co., a US investment bank Bulge Bracket.   Dillon, Read & Co., which goes back to its roots in the 1830s, was one of Wall Street`s leaders in the 1920s and 1930s and had a particularly strong advisory group on mergers and acquisitions in the 1990s. Dillon Read had conducted negotiations to sell itself to ING, which already owned 25% of the company, but Dillon Read`s partners opposed ING`s plans to integrate.  After the acquisition by SBC, Dillon Read was merged with SBC-Warburg into SBC-Warburg Dillon Read. . .