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Former UBS chief executive Ralph Hamers has taken a position at an AI wealth management start-up in his first significant role since leaving the Swiss financial behemoth 18 months ago.
Hamers was Europe’s highest-paid bank boss when he was at UBS, but left shortly after it agreed to take over its former rival Credit Suisse last spring. He was most recently in the running to become chief executive at UK asset manager Schroders, but lost out to chief financial officer Richard Oldfield.
Hamers has agreed to become an external senior adviser to Arta Financial, a wealth management start-up founded by several former Google employees. Based in Silicon Valley and Singapore, it aims to use artificial intelligence to offer high-end wealth management services to mid-market clients.
The company initially offered services to US customers, but has recently rolled out its offering to Singapore and plans to attract business in India, where chief executive Caesar Sengupta is from.
Hamers has also taken a stake in Arta Financial, which focuses on working with clients with assets over $1mn.
While UBS chief executive, the 58-year-old Dutchman attempted to acquire a similar business, striking a deal to buy robo-adviser Wealthfront for $1.4bn in early 2022. But UBS later aborted the deal.
Hamers was hired by UBS for his digital expertise and set about trying to improve its technology and he stated his ambition was to turn the storied Swiss institution into a “Netflix for wealth”.
But his time at UBS was dogged by an investigation in the Netherlands into his involvement in a money-laundering case at ING, the Dutch bank he used to run.
Prosecutors are due to decide by the end of the year whether he will be forced to appear in court over the matter or if they will drop the case.
Hamers declined to comment on the case.
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