UBS makes adjustments in global wealth management
Published: Thursday, Jun 27th 2024, 10:30
Updated At: Friday, Jun 28th 2024, 01:59
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Iqbal Khan and Rob Karofsky, the two co-heads of Global Wealth Management at UBS, are putting down the first stakes. Thanks to "some adjustments" in Global Wealth Management (GWM), cross-divisional cooperation with Investment Banking and Asset Management is to be strengthened from July 1.
The "GWM Solutions" unit will be created with effect from July 1, as revealed on Thursday in an internal memo obtained by AWP. All client solutions are to be combined into a single construct. The unit will house Global Investment Management (IM), among others, and will be headed by Yves-Alain Sommerhalder.
Also assigned to GWM Solutions are Unified Global Markets (UGM), Global Lending Unit (GLU) and Global Family & Institutional Wealth (GFIW) as well as Banking Americas and two new cross-divisional units called "Unified Global Alternatives" and "Unified Global Banking".
Latin America will also be a separate wealth management region in future - like the EMEA (Europe, Middle-East and Africa), US, APAC (Asia-Pacific) and Switzerland regions. According to the memo, this is "in recognition of the significantly increased size and potential" that is seen in the region. Latin America will be headed by Marcello Chilov.
Finally, Jason Chandler, currently Head GWM Americas, will take over as Chair GWM Americas from mid-September. Chandler will report directly to Khan and Karofsky. The new Head GWM US will be Michael Camacho, who joins UBS from JP Morgan.
At the end of May, UBS announced that the GWM division would be headed by two people. The previous Head of Global Wealth Management, Iqbal Khan, has been joined by Rob Karofsky as Co-President GWM. Khan will also move to Asia with his family.
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