UBS’s wealth management unit has assembled a new team for investment strategies related to diversity and inclusion, Bloomberg News reported.
The new group offers investments that aim to advance equality, expand opportunity and improve outcomes for underrepresented or marginalized groups with the goal of generating returns as well as social benefits.
Led by Karen Sunderam, the inclusive investing team will also help clients invest in minority-owned asset management companies as well as products led by portfolio managers, who identify as women, LGBTQ people, veterans, people with disabilities, and racial or ethnic minorities. .
The move comes as the wealth management space witnesses growing demand from clients for investments that align with their personal values and social good.
Lynette Jefferson, head of sustainable and inclusive investment solutions at UBS Global Wealth Management, told the news agency that her clients have been “very specific about the types of investments they seek to promote social goals.” .
In addition to UBS, other major banks have also formed teams within their wealth management businesses to drive investments related to diversity and inclusion.
Last year, JPMorgan Chase & Co. created an inclusive investing team within its wealth management unit to address the needs of women and other underrepresented communities. This team is led by General Manager Jeanne Sun.
Recent UBS moves
Last week, a Bloomberg report said UBS was cutting jobs related to equity capital markets due to a drop in revenue after a slowdown in transactions in the industry.
Last month, the Swiss bank decided to offer a full-time remote work option to some of its US employees as part of its Virtual Worker Framework initiative.
In the same month, UBS Asset Management signed an agreement to sell its stake in the Japanese real estate joint venture to private equity firm KKR in a $2 billion deal.