The business formed out of the old UBS Wealth Management Australia unit is in operation.

The employee buyout of the Australian-based arm of UBS Wealth Management has been completed, starting operations under the new brand of Crestone Holdings. The business has more than A$14 billion ($10.3 billion) of assets under management.

The firm has offices in Sydney, Brisbane and Melbourne and more than 70 investment advisors.

Crestone has secured a global network of strategic partners that includes UBS, Commonwealth Bank of Australia, Credit Suisse and Northern Trust, as well as technology platform provider Avaloq, it said in a statement.

UBS will continue to provide Crestone with domestic and international securities execution, clearing and settlement, global investment research, access to capital markets offers and certain investment mandates and managed funds.

The firm will use the Avaloq banking suite, as reported here in December.