The chief executive of UBS’ struggling wealth management division in the UK, John Pottage, has been stripped of his leadership role.
The Swiss banking giant has appointed Andre Cronje as the new head of its UK wealth management arm, which has suffered in the summer as the departures of a large number of discretionary managers and the reputational damage caused by its exposure to sub-prime securities in UBS' investment banking business took their toll, although the arm still managed to grow assets in the second quarter.
Cronje joined UBS in 2000. He started his career with UBS Warburg corporate finance in Johannesburg before switching to the firm’s wealth management arm in 2003 to establish its internal merger & acquisition team.
In 2006 he transferred to group strategic advisory (GSA) and assumed responsibility for group M&A. He became head of GSA in April 2007, responsible for business development and UBS Group strategy execution.
Pottage will assist Cronje to ensure a smooth transition into the role, which takes effect on 1 September.
Additionally Pottage will assume the role of head of UBS Wealth Management's UK domestic business on an interim basis. He is effectively standing in for Emmanuel Fievet, who has quit the firm to take over as managing director for Barclays Wealth’s international private banking operation focusing on Europe, Middle East and Africa (EMEA) at Barclays Wealth.
As part of the management reshuffle at Barclays, the firm has promoted Gerard Aquilina, who joined the firm two years ago from HSBC to help grow the EMEA business, as vice chairman of Barclays Wealth.
Aquilina’s new role will involve the management of of the firm’s most important and high profile international client relationships in addition to new business development.