NEW YORK--(BUSINESS WIRE)--Citi and UBS Financial Services Inc. have entered into a municipal distribution agreement, which will provide Citi's municipal clients with access to the UBS Wealth Management Americas network of more than 7,000 Financial Advisors.
The agreement, effective January 16, 2014, creates a partnership that will broaden Citi’s national distribution capabilities and give UBS access to Citi’s new issue product for its high net worth clients.
“Citi and UBS have been working together over the past year under a secondary market distribution agreement,” said Ward Marsh, Head of the Municipal Securities Division at Citi. “The addition of a primary market distribution agreement will enhance our relationship, while providing our municipal clients with added depth of distribution. We are excited by the opportunities this will provide our issuer clients.”
“Combining UBS's first class distribution capabilities with Citi's origination capabilities reinforces our open architecture strategy, which provides UBS Financial Advisors and their clients' access to a premium offering,” said Tom Troy, Head of Capital Markets and Sales for UBS Wealth Management Americas. "The evolution of this strategic partnership between UBS and Citi further differentiates our municipal bond offering and enhances our capabilities as a leading provider of municipal securities products to our private clients."
UBS has one of the most productive financial advisor networks on the street. Citi is a leading underwriter of municipal bonds, offering a full range of services to its clients.
About Citigroup Inc.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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UBS draws on its 150-year heritage to serve private, institutional and corporate clients worldwide, as well as retail clients in Switzerland. Its business strategy is centered on its pre-eminent global wealth management businesses and its leading universal bank in Switzerland. Together with a client-focused Investment Bank and a strong, well-diversified Global Asset Management business, UBS will expand its premier wealth management franchise and drive further growth across the Group.