UBS has restructured its wealth management business, splitting the Wealth Management & Swiss Bank division into Swiss and international arms, according to an internal memo obtained by Reuters.
From Wealth Briefing:
UBS has restructured its wealth management business, splitting the Wealth Management & Swiss Bank division into Swiss and international arms, according to an internal memo obtained by Reuters.
Juerg Zeltner was named head of the international wealth management business, while Franco Morra will head UBS Switzerland.
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Having been split, the two units will continue to cooperate closely, the report said, and share some administrative and cost functions.
Marten Hoekstra will continue as chief of the Swiss bank’s Wealth Management Americas business, which continues unchanged.
UBS was unavailable to comment at the time of publication.
UBS reorganised its wealth management divisions into two elements Wealth Management & Swiss Bank, and Wealth Management Americas in February of this year; Messrs Morra and Zeltner – two new group executive board members – were appointed to co-head Wealth Management & Swiss Bank.
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