UBS Deutschland has opened in Essen its eleventh office targeting wealthy private clients. It has seven staff. This move is seen as another step in a systematic expansion of UBS's European wealth management business in Germany. A further office is scheduled to open in Ulm later this year. Of around 1,500 UBS staff in Germany, 1,100 look after wealthy private clients; the other offices are in Bad Homburg, Berlin, Bielefeld, Bremen, Düsseldorf, Frankfurt, Hamburg, Cologne, Munich and Stuttgart. At the end of 2006, UBS Deutschland managed total assets of €47.6 billion ($64.7 billion), including €27.7 billion from wealthy private clients.