UBS is set to merge its US and global wealth divisions into new unit, Global Wealth Management, continuing its plans to streamline operations.
Martin Blessing, president of wealth management, and Tom Naratil, president of UBS Americas and wealth management Americas, have been appointed co-presidents of the new division.
Two years ago, the bank began to more closely align its international and north American units in a bid to provide ‘superior client experience and product offering in line with the needs of an increasingly global client base’.
UBS believes the combined business division will enable the bank to more effectively leverage the purchasing power of its CHF2.3 trillion (£1.7 trillion) asset base and realise greater scale across areas of new investment.
UBS chief executive Sergio Ermotti (pictured) said: ‘In the last few years, we transformed our wealth management businesses, adapting to a new paradigm while adding CHF1 billion (£749 million) in adjusted profits since 2011.
‘Two years ago, we began to more closely align the divisions, and today's announcement reflects our continued evolution. It will mean improved efficiency, more sharing of best practices, greater returns on our investments and enhanced client service.’
The bank said it will maintain the regional client variations in its client service model, while middle- and back office functions will be more closely aligned and integrated. It will report the results for the new unit's first quarter of 2018, providing an update around the end of March 2018.