UBS Group AG is a Swiss multinational investment bank and financial services conglomerate. Co-headquartered in Zürich and Basel, it is present in all major world markets as Switzerland’s biggest banking institution and the world’s largest private bank. Client operations at UBS are renowned for the tight bank–client confidentiality and financial secrecy ethos.
The Financial Stability Board classifies the bank as a worldwide systemically important bank due to its significant presence in the Americas, and Asia Pacific regions.
BACKGROUND ON UBS FINANCIAL SERVICES INC
UBS saw its origin as the Bank in Winterthur in 1862, coinciding with the birth of the Swiss banking sector. The Swiss Bank Corporation (SBC) was established in the 1890s, establishing a private banking syndicate that grew as a result of Switzerland’s international neutrality. The Bank of Winterthur joined with the Toggenburger Bank in 1912 to create the Union Bank of Switzerland (UBS), which expanded quickly after the 1934 Financial Law codifying Swiss banking secrecy.
Union Bank of Switzerland and the Swiss Bank Corporation (SBC) combined in 1998 to become a single entity known simply as ‘UBS.‘. UBS was struck by the 2011 rogue trader incident, which resulted in a two billion dollars worth loss in trading, after managing significant losses during the 2008 financial crisis via an asset relief recovery program. In 2012, the bank refocused on wealth management advisory services and reduced its exposure on the sell-side.
Apart from private banking, UBS offers worldwide wealth management, asset management, and investment banking services to individual, corporate, and institutional customers. UBS is the world’s biggest manager of private wealth, with roughly half of the world’s billionaires as customers. Despite its sell-side activities being reduced, UBS remains a worldwide investment bank and is regarded as a major market maker. Additionally, the bank operates many subterranean bank vaults, bunkers, and gold bar storage facilities across the Swiss Alps and abroad. It has been the subject of many tax evasion investigations by US, French, German, Israeli, and Belgian authorities, in part owing to its banking secrecy. UBS’s Swiss and US businesses were rated top and second on the 2018 Financial Secrecy Index, respectively.
UBS IN THE UNITED STATES
As a wealth management firm offering both brokerage and investment advisory services to clients in the United States, UBS Financial Services Inc. is registered with the U.S. Securities and Exchange Commission (SEC) as a broker-dealer and an investment adviser and also registered with several other regulatory authorities [including, but not limited to, Financial Industry Regulatory Authority (FINRA) and the Municipal Securities Rulemaking Board (MSRB.)]
When the entity act as a broker, they are subject to the Securities Exchange Act of 1934, the Securities Act of 1933, the rules of self-regulatory organizations such as the Financial Industry Regulatory Authority (FINRA), the rules of the New York Stock Exchange, and applicable state laws. Although UBS is headquartered in Switzerland, it works in over fifty countries and from all of the world’s main financial cities. UBS has nearly three hundred branch locations across the United States.
In the United States, UBS financial advisers provide individual clients with planning, investing, and banking services, as well as private wealth management. UBS financial advisers may assist businesses and organizations with financial wellness, retirement plan administration, equity plan administration, institutional consulting, and workplace analytics.
HOW DOES UBS WORK
UBS is a global financial services conglomerate with headquarters in Zurich and Basel, Switzerland. UBS is active in almost every major financial sector, including retail and commercial banking, investment banking, asset management, and wealth management. UBS is well-established in the United States, with its headquarters in New York City.
UBS operates via a number of significant businesses that provide goods and services to a diverse customer base. Wealth management, asset management, investment banking, and retail banking are some of the departments within the bank. UBS wealth management services are available to people with a relatively modest net worth as well as those with an extremely high net worth. Financial advisers in the division assist customers in determining the scope of their financial and other assets and developing customized solutions to suit their requirements. Financial advisers may specialize in services like [A.] investment management, [B.] tax preparation, and [C.] estate planning.
Asset management varies from wealth management in that it may refer to both managing individual assets and pooled investments. As a result, some individuals consider asset management to include wealth management.
Along with Goldman Sachs, J.P. Morgan, Morgan Stanley, Citigroup, Barclays, Bank of America Merrill Lynch, Credit Suisse, and Deutsche Bank, UBS investment bank is considered a bulge bracket bank. Investment banks originate new debt and equity securities for a variety of businesses, assist in their sale, and assist institutions and private investors with mergers and acquisitions, reorganizations, and broker trades. Investment banks also advise issuers on the issuance and placement of shares on occasion.
UBS retail banking is what many consider to be mass-market banking, in which individual consumers do business with bigger commercial banks via their local offices. Citibank and T.D. Bank are more retail bank examples. Savings and checking accounts, mortgages, personal loans, debit and credit cards, and certificates of deposit are all available via UBS retail banking (CDs). Individual consumers are emphasized.
SUBSIDIARIES OF UBS FINANCIAL SERVICES INC
HOW TO SERVE LEGAL PAPERS ON UBS ALTERNATIVES LLC
UBS Alternatives LLC is an active subsidiary of the UBS Group, requiring individual Process Service to be levied upon it. UBS Alternatives LLC was registered in New York on 5th December 2000 as a foreign limited liability company. The entity comes under Delaware jurisdiction and a registered agent to deal with Process Service, to whom the Secretary of State is required to provide Process Service upon receipt. Since the entity is incorporated in New York, the New York State Secretary of State can act as a registered agent although the registered agent for Process Service for UBS Alternatives LLC is a Corporation Service Company.
UBS Alternative And Quantitative Investments LLC is a large advisory firm that sees its main offices in the states of Connecticut, Illinois, and New York. It manages close to thirty billion regulatory assets and has been registered with the SEC as an adviser since 2004. The flexibility and personalized features offered by UBS Alternative and Quantitative Investments provide customers a diverse range of portfolio management options, ranging from those best suited for investors and investment firms to the needs of corporations and institutional clients. It provides financial planning services to its customers, but not financial planning services. The company does not conduct any other business operations apart from consulting services.
HOW TO SERVE LEGAL PAPERS ON UBS FINANCIAL SERVICES INSURANCE AGENCY INC.
UBS Financial Services is a broker-dealer organization, whose client is the Wealth Management Americas division of UBS. In order to cater to wealthy customers having more than USD250,000 to invest, the broker-dealer provides a variety of financial products and services. Its products include personal financial services such as checking accounts, stock or bond investments, mutual funds, life insurance, estate planning, and charitable counseling. Art enthusiasts may get a wide range of investment products and administration of employee stock option programs for companies are also offered. With assets under the control of about CHF 650 billion (670 billion dollars), UBS Financial Services and the Wealth Management Americas division have a network of approximately seven thousand financial advisers across the United States, Puerto Rico, and Canada.
A Statement of Information is due every year beginning five months before and through the end of March. UBS Financial Services Insurance Agency Inc. was registered on April 3rd, 1974 under the jurisdiction of Delaware in California. Consequently, the entity would be typified as a foreign stock corporation for purposes of Process Service. The entity accepts claims addressed specifically to their registered agent, Corporation Service Company, although Process Service may also be provided to the chief executive officer or any other qualified officer. Corporation Service Company does business in California as CSC – Lawyers Incorporating Service It must be noted that the entity’s mailing address is located in Weehawken, New Jersey, wherein the entity may accept Process Service. UBS Financial Services Inc. and its staff do not offer tax or legal advice.
UBS Financial Services Inc., as a wealth management company, provides investment advising services as an SEC-registered investment adviser and brokerage services as an SEC-registered broker-dealer. Investment advice and brokerage services are unique and distinct, materially different, and regulated by separate laws and agreements.
HOW TO SERVE LEGAL PAPERS ON UBS CREDIT CORP
UBS Credit Corp. is located in Weehawken, NJ, United States, and is part of the Other Financial Investment Activities Industry. UBS Credit Corp is a separate entity that falls under the UBS Group. The entity was registered on 20th November 2000 under the jurisdiction of New Jersey in Weehawken. Consequently, the entity would be classified as a foreign stock corporation for purposes of Process Service.
The entity accepts claims addressed specifically to their registered agent, Corporation Service Company, although Process Service may also be provided to the chief executive officer or any other qualified officer. The entity may be contacted via phone or at their registered office address for Process Service via mail.
HOW TO SERVE LEGAL PAPERS ON UBS ASSET MANAGEMENT
UBS Asset Management (Americas) Inc. is located in Chicago, IL, United States and is part of the Securities and Commodity Contracts Intermediation and Brokerage Industry. UBS Asset Management (Americas) Inc was incorporated in New York on 15th December 2003 and is registered with the New York Department of State.
The entity is based in New York and is subject to Process Service imposed on it in its capacity as a foreign business corporation. The entity comes under Delaware jurisdiction, wherein the entity was first formed on 19th June 1989. The registered agent for Process Service for UBS Asset Management (Americas) Inc is a Corporation Service Company. However, Process Service may also be served upon a higher officer or a Chief Executive Officer (William Ferri.) A foreign business corporation may apply for authority to do business in the State of New York by filing an Application for Authority pursuant to Section 1304 of the Business Corporation Law.
It is required for foreign corporations to complete and submit to the Department of State an Application for Authority. A Certificate of Existence from the authority responsible for filing and maintaining corporate records in the corporation’s jurisdiction must be included in the Application for Authority. This authority is often the Secretary of State, and the Certificate of Existence is also referred to as a Certificate of Good Standing in many jurisdictions. The Certificate of Existence must be issued within one year of the time of acquisition.
If the foreign company conducted business in New York State prior to submitting its Application for Authority, the foreign corporation must seek permission from the New York State Tax Commission. The completed Application for Authority, the New York State Tax Commission’s permission, and the USD 225 filing fee should be submitted to the New York Department of State.
HOW TO SERVE LEGAL PAPERS ON UBS CAPITAL AMERICAS LLC
UBS Capital Americas LLC is located in New Canaan, CT, United States, and is part of the Other Financial Investment Activities Industry. UBS Capital Americas LLC is a foreign limited liability company that filed for incorporation in New York on 15th December 1999. It may thus accept Process Service, although its main Process Service jurisdiction comes under that of Delaware. UBS Capital Americas LLC retains the National Registered Agents Ltd. as a registered agent for Process Service in order to address matters of New York City Process Service. However, the entity may be served at their main office located in New Canaan.
Section 802 of the Limited Liability Company Law requires that within a hundred and twenty days after the filing of the application for authority, a foreign limited liability company (LLC) must publish in newspapers a copy of the application for authority or a Process Service notice containing the substance of the application for authority to complete adequate Process Service. Before conducting business in this state, a foreign limited liability company must apply for authorization to do so by submitting to the Department of State [A.] a certificate of existence or, if no such certificate is issued by the jurisdiction of formation, a certified copy of the limited liability company’s articles of organization or a certified copy of the certificate filed as to its organizational basis and all amendments and [B.] an application for authority as a foreign limited liability company entitled ‘Application for the authority of (name of foreign limited liability company)
HOW TO SERVE LEGAL PAPERS ON UBS SECURITIES LLC
UBS Securities LLC is located in New York, NY, United States, and is part of the Securities and Commodity Contracts Intermediation and Brokerage Industry. UBS Securities LLC operates as the investment banking division of UBS, providing investment and broker-dealer services worldwide. UBS Securities Co., Ltd. is the investment bank and brokerage firm of the Swiss bank UBS with offices in many countries.
UBS Securities LLC is a wholly-owned investment bank subsidy of UBD AG, incorporated in Delaware with its principal place of business located in Stamford, Connecticut. UBS Securities maintains executive offices, as well as its short-term trading in New York. It is registered with the Commission as a broker-dealer and is a member of NASD Inc. and the New York Stock Exchange. Among other services, UBS Securities LLC provides securities underwriting and related services for clients residing and doing business in the United States.
The mailing address for the entity falls under Stamford, Connecticut although the entity’s principal office is in New York for purposes of Process Service.
HOW TO SERVE LEGAL PAPERS ON UBS REAL ESTATE SECURITIES INC
UBS Real Estate Securities Inc. is located in New York, NY, United States, and is part of the Securities and Commodity Contracts Intermediation and Brokerage Industry. However, UBS Real Estate Securities Inc. is regulated by the U.S. Security and Exchange Commission and comes under the jurisdiction of the state of Delaware. The entity was incorporated on 14th February 2012 with the New York Department of State.
The entity is based in New York and thus comes under Business Corporation Law for purposes of Process Service. However, the entity is a foreign business corporation although incorporated in New York and is subject to Process Service accordingly. Since the State Department has received papers, it must make sure the documents are sent to the appropriate organization. The entity does not have a registered agent for Process Service and the Department of State may provide Process Service on behalf of the organization as needed to the address on record.
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1. Trainer, David. ‘The Good and Bad: UBS Group Ag And Abb Ltd.’ Forbes, Forbes Magazine, 18 Aug. 2021, www.forbes.com/sites/greatspeculations/2021/08/17/the-good-and-bad-ubs-group-ag-and-abb-ltd/?sh=2f9c6416483e.
2. The abbreviation UBS does not refer to the Union Bank of Switzerland, however
3. The 2011 UBS rogue trader scandal caused a loss of over US$2 billion at Swiss bank UBS, as a result of unauthorized trading performed by Kweku Adoboli, a director of the bank’s Global Synthetic Equities Trading team in London in early September 2011. On 15 September 2011, Adoboli was arrested under suspicion of fraud in connection with a loss of a then-estimated US$2 billion, reportedly due to unauthorized trading at the Swiss group’s investment bank. A spokesperson from the Swiss banking regulator FINMA referred to the case as one of the biggest ever seen at a Swiss bank. Adoboli had originally retained the law firm of Kingsley Napley, which previously advised Nick Leeson.
4. UBS Reveals How Rogue TRADER Beat the System, web.archive.org/web/20110923164115/www.investoo.co.uk/ubs-reveals-how-rogue-trader-beat-the-system/.
5. C/O CORPORATION SERVICE COMPANY
Address:80 STATE STREET, ALBANY, NY, United States, 12207 – 2543
6. UBS FINANCIAL SERVICES INC. 1200 HARBOR, BOULEVARD
WEEHAWKEN NJ 07086
7. CORPORATION SERVICE COMPANY
251 LITTLE FALLS DRIVE
WILMINGTON County: New Castle
DE Postal Code: 19808
8. (212) 713-2000
9. 800 Harbor Blvd
Weehawken, NJ, 07086-6724
10. 1 N Wacker Dr Ste 3000
Chicago, IL, 60606-2874
12. C/O CORPORATION SERVICE COMPANY
Address:80 STATE STREET, ALBANY, NY, United States, 12207 – 2543
13. Name: WILLIAM FERRI
Address:787 SEVENTH AVENUE, NEW YORK, NY, United States, 10019
14. The filled-out Application for Authority and statutory filing fee of USD 225 should be sent to the New York Department of State, Division of Corporations, One Commerce Plaza, 99 Washington Avenue, Albany, NY 12231
15. 1304 (a)(8), Business Corporation Law. Permission addressed to New York State Tax Commission at (518) 485-2639
16. 39 Locust Ave Ste 204
New Canaan, CT, 06840-4783
17. NATIONAL REGISTERED AGENTS, INC.
Address:875 AVENUE OF THE AMERICAS, SUITE 501, NEW YORK, NY, 10001
18. THE LLC
Address: ATTN MICHAEL GREENE, 39 LOCUST AVENUE, NEW CANAAN, CT, United States, 06840
19. 600 WASHINGTON BLVD
1285 Avenue OF The Americas
New York, NY, 10019-6096
1285 Avenue OF The Americas FL SCONC1
New York, NY, 10019-6096
22. ROBINHOOD LOGISTICS, INC.
Address:211 IRVING AVE, STE C, PORT CHESTER, NY, United States, 10573