UBS Restructures Wealth Management

Stephen Harris

7 November 2007

UBS has announced that it will restructure its wealth management business, a move that will place renewed focus on the most successful area of the group’s activities after huge losses in investment banking. The world’s largest wealth manager says that it is broadening its management structure to “further strengthen its presence in local markets and its proximity to clients.” Under the new structure clients outside Switzerland will be divided into four regional business areas with Asia Pacific led by Kathryn Shih, Western Europe, Mediterranean, Middle East & Africa under Francesco Morra, North, East and Central Europe (under the leadership of Juerg Zeltner and Marten Hoekstra heading up Wealth Management Americas. Raoul Weil, chairman and chief executive Global Wealth Management and Business Banking, said that the new management structure would be supported by a chief financial officer, chief operating officer, products and Services and Marketing, Segment and Client Development. The marketing division will be led by Tom Naratil. The new structure will also see Mark Branson, currently chief executive officer of UBS Securities Japan taking on the role of chief financial officer of Global Wealth Management & Business Banking. He will relocate to Zurich. Wealth management’s current CFO, Anton Stadelmann, will become the Chief Financial Officer of Wealth Management Americas, and will be based in the US. UBS has also decided to merge its Swiss domestic Wealth Management and Business Banking business areas under the leadership of Alain Robert. All business areas will continue to report to Mr Weil.