On the main high street in Brighton is a UBS office. Does anybody know what it does?
Yeah, I used to work around the corner from that. It’s Nile House I think, and is for private wealth management only (not investment banking). They manage the wealth of high-net-worth individuals and other investors, such that funds are invested in a profitable way in accordance with the client’s risk appetite.
This is a very worthwhile field to be in. The commissions are substantial for good funds managers, sales people and client managers. Good communication skills are a must, as is a sharp mind. Above all, you must be responsible and respectable. UBS is not like walking into your high street bank, with some ?4.20/hour slag behind the till; rather, it is the height of professionalism, and the clients will expect you to be on the same level as themselves.
Once again, the opportunities here are brilliant. There are also opportunites for training in CFA- one of most worthwhile financial qualifications you can do, and will help put you into the ‘major league’.
If you’re interested in working in private wealth management, I should also point out Cazenove, http://www.cazenove.com/, who are sort of world leaders in this field, and maybe also companies like Alliance Bernstein, who also manage large portfolios.
The one other class of fund that you might interested in is hedge funds. This tends to be where rich people will give at the very least £100,000 to be invested in the stock market, with a high risk - high return risk profile. This is usually performed using derivatives and ‘hedging’ (hence ‘hedge’ fund). A derivative is like a stock, except, unlike a stock, where you can only loose what you invest, with a derivative, your loss (or gain) is potentially infinite.
“UBS is not like walking into your high street bank, with some ?4.20/hour slag behind the till”- A classic line!