UBS elevates Mathews to oversee ultra high-net-worth business

UBS Wealth Management Americas has promoted John Mathews to head of private wealth management, overseeing the firm's ultrahigh-net-worth business. Previously, he was regional director for the Southeast region, which was named region of the year in 2012. In his new post, Mr. Mathews will be responsible for all of the firm's private-wealth-management offices in the U.S. He will oversee management and coordinate the integration of products from UBS' investment bank, global asset management and private-bank units. He will report to Robert Mulholland, head of wealth management and investment solutions for UBS Wealth Management Americas. Mr. Mathews replaces Jason Chandler, who was heading both UBS' wealth management adviser group and private-wealth-management business. Mr. Chandler will now focus solely on the wealth management adviser group. The private-wealth-management business is home to 342 advisers who are designated and accredited to work with the wealthiest clients — those with a minimum $10 million in investible assets. Mr. Mathews, who started in the position Tuesday, noted that he doesn't necessarily have a recruiting target but rather plans to keep an eye out for advisers who would fit in with the private-wealth-management unit's culture. “We don't have a recruiting target,” he said. “This is about finding the best, as opposed to a quantity issue.” He noted that among this cadre of financial advisers, the discussion with these high-end clients is comprehensive. “We used to talk about asset management for the most part,” Mr. Mathews said. “Now it's more around advice. It's about estate planning, tax issues, balance sheet needs and the advice, as opposed to picking the right investment manager for them.”