The world's largest wealth manager has announced a new advisory board, set up to support a five-year initiative.

UBS has announced a new advisory board to help drive its five-year plan to better serve the world’s wealthy women.

The board, comprising business leaders, entrepreneurs and philanthropists, will work closely with UBS’ senior wealth management executives to scale the programme, UBS Unique.

The board includes: Wendy Appelbaum, owner and chair, De Morgenzon Wine Estate; Jane Jie Sun, chief executive, Ctrip.com and International; Michael Kimmel, distinguished professor of sociology at Stony Brook University; Dr Angelica Kohlmann, chairman and CEO, Kohlmann & Co; Olivia Lum, executive chairman and CEO, Hyflux Group; Ebru Ozdemir, chairperson, Limak Investments; Dr Ellen Ringier, president, Stiftung Elternsein; Giovanna Rovati-Forlanelli, general manager, Rottapharm Biotech; and Maria Sharapova, international tennis player, entrepreneur and investor.

UBS’ research suggests that compared to men, women are less confident when it comes to investing. Globally, fewer than half describe themselves as financially confident, UBS says, adding that the rewards could be significant, however, if the financial industry gets it right, with female investors forecasted to invest $2.3 trillion in socially responsible investments by 2021.

The advisory board held its first meeting last month and will continue to meet regularly to assess the progress of UBS Unique while identifying new opportunities for women in wealth.