Crestone had planned to start its business a year ago but the wealth manager had to wait until today to do so. The company, based in Sydney, is the former wealth-management unit of UBS Australia.

The Swiss bank had long wanted to give up the business in the country due to tougher regulation. Following a management buy-out, Crestone was supposed to become operative a year ago, following a spinoff.

Delay Caused by Change of Deal

The transition from being a UBS unit to an independent wealth manager was more challenging than expected. The buyers led by Crestone boss Mike Chisholm had to turn the transaction into a proper acquisition.

The company first delayed its start to April and then again for a second time. Now, Crestone finally is able to start operating, managing $14 billion in clients' assets, one billion less than it had originally hoped for. The company has assumed 170 staff and 70 relationship advisers from the former parent, UBS.