UBS has revealed the senior management line-up of its soon to be merged global and US wealth units.
The Swiss private bank revealed that it would be merging its US and global wealth units as the latest step of a two year plan to restructure its global business, earlier this week.
The newly merged unit, dubbed the global wealth management (GWM) division will form a CHF2.3 trillion (£1.7 trillion) wealth management giant and is to be led by Tom Naratil and Martin Blessing, who will jointly chair its executive committee.
The other members of GWM’s executive committee comprise regional heads of wealth management:
- Wealth Management USA (WM USA) – Brian Hull
- Wealth Management EMEA (WM EMEA) – Christine Novakovic
- Wealth Management APAC (WM APAC) – Edmund Koh
- Wealth Management Switzerland (WM CH) – Anton Simonet
- Wealth Management Latin America – Led by Sylvia Coutinho,
- Ultra High Net Worth (UHNW) – Joe Stadler will continue to lead UBS’ global UHNW business. John Mathews will continue to lead private wealth management and the UHNW segment in the US, reporting to Stadler and Hull.
- Investment Platforms and Solutions (IPS) – Jason Chandler and Christian Wiesendanger
- Global Chief Investment Office (CIO) – Mark Haefele will continue as global CIO. Mike Ryan will also stay as CIO in the Americas, reporting to Haefele.
- Chief operating officer (COO) – Reto Wangler will be COO of GWM, however Kathleen Lynch will continue as COO for WM Americas, reporting to Wangler and, given the ‘importance of the regulatory environment and front-to-back control agenda in the US’, Lynch will also to Tom Naratil.
- Client strategy officer – UBS will continue to combine its strategic marketing, client experience, client research (including Investor Watch), pricing and segment management functions under Paula Polito's leadership. She and her team will work closely with Johan Jervoe, group chief marketing officer, to determine priorities and ensure brand alignment.
- Chiefs of staff – Barbara Hofkamp and Kate Newcomb will act as chiefs of staff for the new unit, reporting to Naratil and Blessing. Both will be permanent guests at the GWM executive committee.
As part of the changes, UBS also announced that Shailesh Shah will be retiring from the firm and that Paul Raphael and Dirk Klee are 'discussing other oppertunities'.
The bank hopes that synergies created by merging middle and back office functions for the two wealth units will result in a 2-4% net new money growth rate annually, while increasing its pre-tax profit by 10–15%.