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.
While industry statistics pointing to a succession crisis can cause alarm, advisor-owners should be free to consider a middle path between staying solo and catching the surging wave of M&A.
New joint research by T. Rowe Price, MIT, and Stanford University finds more diverse asset allocations among older participants.
With its asset pipeline bursting past $13 billion, Farther is looking to build more momentum with three new managing directors.
A Department of Labor proposal to scrap a regulatory provision under ERISA could create uncertainty for fiduciaries, the trade association argues.
"We continue to feel confident about our ability to capture 90%," LPL CEO Rich Steinmeier told analysts during the firm's 2nd quarter earnings call.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
