UBS has started the rollout of a Private Wealth Management Group that will target "ultra-high-net-worth clients" with assets exceeding $10 million.

The company announced the senior vice presidents, including two former Merrill Lynch managers, who will head the group's three divisions, after announcing the group's two managing directors, Anthony DeChellis and Michael Schweitzer, in September.

UBS announced that Kevin Ruth, formerly director of Private Planning Services Group at Merrill Lynch, will head the Private Wealth Planning Group. This division of Private Wealth Management Group will be responsible for financial planning across all client segments, according to UBS.

Michael Ban, formerly director of Family Office Group for Merrill Lynch's Private Wealth Management Division, will head the Advanced Wealth Strategies Group, which will encompass trust and estate planning advisory services.

Jay Messing, an eight-year UBS veteran, will head the Investment Solutions Group, which will handle investment management for the group's clients.

UBS estimates that while the $10 million-and-up client group consists of only about 100,000 households in the United States, it constitutes about $2.8 trillion in assets. UBS says it currently has the most $10 million accounts worldwide.

"As the world's largest private wealth manager, UBS is extremely well positioned to become the leader in this very important client segment in the world's largest wealth market," says Mark B. Sutton, CEO for UBS Wealth Management USA.