Crestone Wealth Management, a company established by former UBS Wealth Management Australia employees, said it opened for business this week with $14 billion in assets under management.
The employee-owned firm has 170 employees, including 70 investment advisers. It has offices in Brisbane, Melbourne and Sydney.
ifa reported in May 2015 that a group of around 100 UBS advisers created Crestone in the wake of UBS' decision to withdraw from wealth management in Australia following a management buyout.
In a statement, Crestone said: "The realisation of a new wealth management business, which is unmatched in size, scale and scope in the Australian market, is a significant milestone not only for us, but also in the financial services industry."
"It would not have been possible without our clients and we would like to take this opportunity to thank you sincerely for the support, trust and patience you have provided over this exceptional period.
"We look forward to building on our existing relationship and continuing to provide you with the best available wealth advice and portfolio management services."
Crestone also announced it went live this week with technology platform provider, Avaloq.
"Crestone's investment approach draws on its heritage from the world's largest wealth management firm and the relationships our team have built up over many years of operating in Australia," said Crestone chief executive Mike Chisholm.
"We subscribe to a belief that our success is best delivered through continuity of service, quality of investment advice and preserving the long-term interest of our clients."
"You can only have a really good, robust investment process if you have a lot of diverse views from a number of different perspectives across asset classes and geographies," Mr Chisholm said.
UBS will continue to provide Crestone with domestic and international securities execution, clearing and settlement, global investment research, access to capital markets offers and certain investment mandates and managed funds, the company said.
UBS Australia chief executive Matthew Grounds said: "We are delighted to complete the sale of UBS Wealth Management to Crestone and we wish them every success for the future.
"They inherit a legacy of excellence in wealth management that has serviced the Australian market for more than 80 years and we welcome our continued association with both Crestone and its clients through our provision of a range of research, products and services as one of its strategic partners."
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