Grant Rasmussen, chief executive of UBS Wealth Management Canada, told the news service that acquisition targets are firms with at least C$1 billion ($959 million) in assets.

In Canada UBS has offices in Vancouver, Calgary, Toronto and Montreal and is looking at Halifax, Kitchener, Ottawa and Edmonton as potential markets. Meanwhile, the firm has 42 advisors and is looking to increase the headcount to 100 in the next three to five years.

UBS Wealth Management’s clients in Canada must have a minimum of C$2 million of assets to invest. The firm’s ultra high net worth clients are those with C$50 million and above. Rasmussen said there are about 2,500 families in Canada in that segment and approximately 25 of the country's 100 richest families are UBS clients.

The average HNW client of UBS has about C$5 million in assets, while the average UHNW client has about C$100 million.