A number of major changes and reorganizations began to take place in the global wing wealth management (Global Wealth Management), its new leaders UBS Rob Karof sky and Iqbal Khan, who seek to achieve the bank’s long-held goal of offering more investment services to its ultra-wealthy clients.
In this context, the bank is creating a new unit, GWM Solutions, which will bring some services under the same roof, Bloomberg News reports.
New organizational structure
His former banker Swiss loan Yves-Alain Somerhalder will lead the unit, which includes, among others, investment management, lending, as well as alternative investment services.
Also joining the unit is JPMorgan veteran Michael Camacho, who is expected to lead the US wealth management business and start after the summer.
In May, Karofsky, the head of the investment bank, was appointed to lead the US operations and jointly oversee the Wealth division with Khan.
Khan, previously the sole chief, is moving to Asia as he has been appointed president of the Asia-Pacific region.
The two bankers, who have extensive experience in wealth management and markets, are seen as potential successors to CEO Sergio Ermotti.
The organizational changes come about a month after UBS announced a new leadership structure and, according to Reuters, was considering a bonus system for investment bankers who approach clients in the wealth management business.
Credit Suisse’s integration is progressing rapidly
By combining their customer base, particularly wealthy families and individuals, often entrepreneurs or company owners, the two banks will be able to develop advisory investment banking and asset management sectors.
The new entity being created is the pursuit of both UBS and Credit Suisse.
Somerhalder, a Credit Suisse veteran, will work from New York and Zurich to lead the business, which will “integrate all investment ideas into one structure,” according to the filing.
Meanwhile, the unified global banking unit will be led by Jason Hutchings, which aims to seek new and wealthier clients with investment concerns, such as entrepreneurs who are selling their companies or those who need help managing new acquisitions.