Action in the oil patch is luring financial firms to bolster operations in Calgary — a trend that was evidence last night as UBS Bank (Canada) held a reception to celebrate the opening of a new wealth management office, and to officially open new digs for its energy trading business, UBS Commodities Canada Inc.

The event was hosted by Rob Milnthorp, managing director UBS Commodities Canada, Grant Rasmussen, head of UBS Wealth Management in Canada, and UBS Canada chairman, Michael Wilson. Michel Guigard, head of UBS Wealth Management International flew in from Zurich, and Chris Rowland, UBS Wealth Management (Americas) came up from New York, reports Graeme Harris, head of corporate communications at UBS Canada in Toronto.

A decent crop of Calgary’s business elite also turned out for the affair Harris notes, including Jim Dinning, corporate director and rumoured front-runner to replace Alberta premier Ralph Klein; Gwyn Morgan, president and CEO of EnCana Corp.; Suncor Energy CEO, Rick George; former TransCanada Corp. chairman, Dick Haskayne; Mancal Corp. chairman Fred Mannix; Heather Douglas, president & CEO of the Calgary Chamber of Commerce; and, TransAlta CEO, Steve Snyder.

“Calgary is home to the second largest number of company headquarters in Canada, and as more companies thrive in Western Canada’s oilpatch, they will need global financial solutions, such as multi-currency investments, something a global financial services firm such as UBS can provide,” explains Rasmussen. “Opening an office in Calgary will allow UBS to enhance its presence in Canada by taking it closer to the business community in Western Canada.”

“By benefiting from the experience, know-how and substantial resources provided by the UBS Group as a whole, we are in a position to offer Canadian investors very high quality advice and best-in-class products both within Canada and internationally,” adds Wilson. “Our client advisors can access our international network of experts and can propose truly global investment solutions. We aim to offer clients a range of innovative products and services of exceptional quality and to become one of the major players in private wealth management in Canada in the years ahead.”