Swiss banking group UBS has named Jason Chandler as its new head of wealth management in the US, replacing Brian Hull who will now serve as executive vice chairman for Americas.

Chandler will assume the new role on 1 January 2019, with responsibility for nearly 7,000 financial advisers.

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Chandler, who has been serving at the bank for more than two decades, currently leads the bank’s global investment platforms jointly with Christian Wiesendanger.

Wiesendanger will now have sole responsibility of the investment platforms business.

The management overhaul comes shortly after the bank’s announcement to target UHNW Americans for growth in its global wealth management arm.

Elaborating its plan, UBS said at that time: “The strategic plan for Global Wealth Management focuses on accelerating growth in key geographies, including the Americas and Asia Pacific, as well as strengthening its leadership position in the ultra-high net worth segment.

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“Expansion in the American ultra-high net worth segment alone is expected to contribute significant net new money over the next three years. The business also aims to grow through higher penetration in mandates and banking products.”

At around the same time, the bank also introduced a new software platform for its financial advisers in the US, in association with Broadridge Financial.

One of Chandler’s first jobs as head of wealth management will be to deal with an investigation by the US Department of Justice. The DoJ filed a case against the bank on 8th November over improper issuance of mortgage securities. The prosecution accuses the bank of causing investors to lose money on the residential mortgage-backed securities it issued from 2006 to 2007.