UBS names new head of US wealth unit, seeks to capture more American billionaires

Jason Chandler will take over from Brian Hull on January 1, overseeing about 7,000 advisers

Dec 10, 2018 @ 12:30 pm

By Bloomberg News

UBS Group AG is promoting a long-time executive in the U.S. as it seeks to expand in the region and offer ultra-rich clients more bespoke investments.

Jason Chandler will become head of wealth management in the U.S. after more than two decades at the bank, according to a memo sent to staff Monday. That gives him oversight of almost 7,000 financial advisers in the region. He's been co-leading investment platforms globally, and succeeds Brian Hull, who's becoming executive vice chairman Americas. The changes will be effective Jan. 1.

(More: UBS buckles under uproar from brokers over non-solicit agreements)

UBS chief executive Sergio Ermotti is targeting the U.S. for its growth opportunities. More than a third of the wealth manager's $2.4 trillion in assets are invested in the Americas, a region long dominated by local behemoths such as Morgan Stanley, which has more than double the number of UBS' advisers in the area, and JPMorgan Chase & Co. The Swiss bank is undergoing the biggest overhaul of its technology in the Americas since its 2000 acquisition of retail brokerage Paine Webber Group.

There are 174 U.S. billionaires among the world's 500 richest people, with a combined net worth of $2 trillion, according to the Bloomberg Billionaires Index.

UBS also is trying to lure more clients in China and Latin America, offering them investment capabilities around the world and harder-to-access wagers like private equity and hedge funds. It's also increasingly seeking to lend to ultra-wealthy clients.

(More: UBS Global Wealth Management will give ESG scores to funds)

Christian Wiesendanger, who co-led the investment-platforms business with Mr. Chandler, will be the sole head of that unit from Switzerland. Mr. Hull has been with UBS since 2009, after 15 years at Merrill Lynch.


What do you think?

View comments

Most watched


Young advisers envision a radically different business in five years

Fintech and sustainable investing are two factors being watched closely by some of the 2019 class of InvestmentNews' 40 Under 40.


Young professionals see lots of opportunity to reinvent the advice experience

Members of the 2019 InvestmentNews class of 40 Under 40 have strategies to overcome the challenges of being young in a mature industry.

Latest news & opinion

New Jersey fiduciary rule: Pressure leads to public hearing, comment deadline extension

Industry push results in chance to air grievances on July 17 and another month to present objections.

InvestmentNews' 2019 class of 40 Under 40

Our 40 Under 40 project, now in its sixth year, highlights young talent in the financial advice industry. These individuals illustrate the tremendous potential of those coming up in the profession. These stories will surprise, entertain, educate and inspire.

Galvin to propose fiduciary rule for Massachusetts brokers

The secretary of the commonwealth is proposing a fiduciary standard in response to an SEC investment-advice rule he views as too weak.

Summer reading recommendations from financial advisers

Here are some books that will keep you informed and entertained during summer's downtime

4 strategies for Roth conversions

There's never been a better time to do a Roth conversion, and here are several ways to go about it.


Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting It'll help us continue to serve you.

Yes, show me how to whitelist

Ad blocker detected. Please whitelist us or give premium a try.


Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print