UBS revamps unit for wealthiest clients

UBS Group is restructuring the unit that deals with its wealthiest clients in a bid to tie serving the needs of billionaires even closer to its investment banking business.

The unit, previously referred to as Global Family Office, will be folded into a newly formed larger business that will also house the bank’s trading, lending, prime brokerage and private markets activities in April. It will be called Global Family and Institutional Wealth and will be headed by George Athanasopoulos, according to a memo sent to employees.

The memo Monday was sent by the co-heads of the bank’s wealth unit, Iqbal Khan and Tom Naratil, and the head of the investment bank, Rob Karofsky. Its contents were confirmed by a UBS spokesperson. 

Athanasopoulos will take on the new role in addition to his current job as co-head of global markets in the investment bank division, but will report to Khan, Naratil and Karofsky.

Joe Stadler, who ran the former Global Family Office unit, will become an executive vice chair in the wealth unit and work directly with Khan. 

The changes mark one of the biggest overhauls within the bank yet under Chief Executive Ralph Hamers, who's in his second year running the Swiss lender. He’s asked his staff to work in an “agile” manner and wants the bank to be better at collaborating across divisions. He’s also keen to push UBS into the lower rungs of wealth with the acquisition of U.S.-based digital wealth adviser Wealthfront.

• Unified Global Markets will still be led by Mark Sanborn in the U.S. and Patrick Grob in other markets.
• Lending and direct investments unit will continue to be run by Remi Mennesson.
• Prime brokerage will continue to be headed by Ian Maynard.
• Paul Crisci will run the new unit’s banking business, which was formerly private markets.
• All will report to Athanasopoulos.