UBS is to open a wealth management advisory office in Johannesburg from October 2007. This is seen by the firm as a step on the way to becoming one of the leading international financial services providers in South Africa. It already offers investment banking services. Juerg Schalch has been designated head of the new office, which will have six staff at first. UBS currently has approximately 80 people in Johannesburg. Mr Schalch said: "UBS is a globally active financial services firm with wealth management as a core business. We therefore target markets with a significant concentration of wealth. South Africa is such a market. The set up of UBS Wealth Management South Africa will bring us even closer to our clients."