UBS laying off dozens of wealth management staff

Move comes as bank revamps the unit's leadership team

Jul 26, 2018 @ 4:11 pm

By Bloomberg News

UBS Group is laying off dozens of staff at its wealth management division as it revamps the unit's leadership team, according to people briefed on the matter.

Stephen Freedman, who was appointed last year as head of sustainable investing solutions at the U.S. wealth management division, was among the cuts, said the people, who asked not to be identified discussing personnel matters. Michael McVicker, who was named Thursday to lead the advisory business within the investment platforms and solutions unit, will continue to lead the sustainable investing efforts, according to a memo the bank sent to staff.

CEO Sergio Ermotti said this week that UBS has begun to cut costs in wealth management following the merger of the U.S. and international division into one super-unit that manages about $2.4 trillion. Martin Blessing and Tom Naratil were tapped to run the global division.

The bank announced a higher second-quarter profit for global wealth management this week, which helped offset the surprise withdrawal of assets by clients.

Those leaving the bank include Glenn Regan, head of the managed solutions and portfolio guidance team, and Craig Jones, who managed separate accounts, FundFire reported earlier this week. Mr. Regan declined to comment, while Mr. Jones didn't immediately return a message on LinkedIn.

UBS added roles for business leaders including Parks Strobridge, who arrived in 2016 and will join the management team for the advisory business, and Casey Jojic, who will be working on the sustainable investing effort with Mr. McVicker. Jim Langham is taking responsibility for investment management research in the Americas in addition to heading mandates investment solutions, according to the memo.

In capital markets, Steve Genyk will oversee principal trading in fixed income. Ed Tishelman was named the head of the institutional sales desk.

(More: UBS latest to make push for young, diverse advisers)

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