UBS Group is restructuring the unit that deals with its wealthiest clients in a bid to tie serving the needs of billionaires even closer to its investment banking business.
The unit, previously referred to as Global Family Office, will be folded into a newly formed larger business that will also house the banks trading, lending, prime brokerage and private markets activities in April. It will be called Global Family and Institutional Wealth and will be headed by George Athanasopoulos, according to a memo sent to employees.
The memo Monday was sent by the co-heads of the banks wealth unit, Iqbal Khan and Tom Naratil, and the head of the investment bank, Rob Karofsky. Its contents were confirmed by a UBS spokesperson.
Athanasopoulos will take on the new role in addition to his current job as co-head of global markets in the investment bank division, but will report to Khan, Naratil and Karofsky.
Joe Stadler, who ran the former Global Family Office unit, will become an executive vice chair in the wealth unit and work directly with Khan.
The changes mark one of the biggest overhauls within the bank yet under Chief Executive Ralph Hamers, who’s in his second year running the Swiss lender. Hes asked his staff to work in an agile manner and wants the bank to be better at collaborating across divisions. Hes also keen to push UBS into the lower rungs of wealth with the acquisition of U.S.-based digital wealth adviser Wealthfront.
The post UBS revamps unit for wealthiest clients appeared first on InvestmentNews.
We're here to help. Send us an email or call us at +1 (585) 329-9661. Please feel free to contact our experts.
A donation will be made by Adviser First Partners to a Veterans organization on behalf of all financial professionals and firms that register each month
Contact Us© 2024 Adviser First Partners. All Rights Reserved.
Web Design by eLink Design, Inc., a Kentucky Web Design company