UBS on Thursday announced the launch of UBS Collectives, which connects the investment bank's philanthropic clients on issues that matter most to them.
The initiative is designed to help clients combine their expertise and mobilize their capital to fund projects that address child protection, climate change, health and education-related issues.
"Our goal is to mobilize private capital and support effective programs to address some of the most critical challenges of our time, which can best be addressed by working together," Phyllis Costanza, head of social impact at UBS and chief executive of the UBS Optimus Foundation, said in a statement.
"We are excited to offer clients the unique opportunity to work alongside their peers and expert practitioners to drive systemic change across some of the most complex philanthropic issues."
Clients will have the opportunity to participate in three UBS Collectives.
The Transform Collective will support family-based care for vulnerable children as an alternative to institutional care. UBS, citing a 2020 Lancet study, noted that between 5 million and 6 million children around the world are institutionalized.
Participants will aim to reform policies and practices to protect vulnerable children, strengthen families and reduce the number of children living in institutional care centers.
