UBS has streamlined its flagship wealth management division in an effort to better serve its affluent clientele.
Reported by Reuters, beginning on 1 July, UBS will establish a new division called GWM Solutions to combine a number of client services, including loans, alternative investments, family and institutional wealth management, and investment management.
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Yves-Alain Sommerhalder, a former Credit Suisse banker, will head the operation. He will report to Karofsky and Khan and be headquartered in Zurich and New York.
Alternative products from its wealth and asset management divisions, such as investments in real estate and the private market, will be incorporated into the new unit.
The majority of UBS’s profits come from its primary business, wealth management. The Swiss bank, which last year acquired Credit Suisse through a state-sponsored rescue, is currently merging with its former competitor.
Moreover, UBS transformed its Group Executive Board (GEB) changes to carry out short- and long-term initiatives; all changes are subject to final regulatory approval and take effect on 1 July 2024, unless otherwise specified.
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By GlobalDataTogether, Khan and Karofsky will oversee GWM in all regions, ensuring a global wealth management clientele and utilising the combined firm’s strengths in every business unit.
UBS Group CEO Sergio P. Ermotti stated: “Since acquiring Credit Suisse last year, we have continued to deliver on our integration priorities while staying close to our clients, positioning us well for future growth. The appointments to the Group Executive Board we are announcing today will allow us to continue to progress on our integration journey and realise the expected synergies and efficiencies, while putting even more emphasis on our long-term priorities and growth prospects, particularly in the Americas and Asia-Pacific.”
