UBS has appointed a new head of its family office division that caters to clients with $100 million or more, according to news reports.
The company has named Judy Spalthoff, who was head of family advisory and philanthropy services, to take over from Ann Rybak as head of the family office solutions group, Business Insider writes, citing an internal memo.
Rybak, who ran the group since its formation two years ago, is stepping down from her role to spend more time with her family, John Mathews, head of U.S. private wealth management and ultra-high-net-worth units, told staff on Friday, according to the web publication.
Replacing Spalthoff is Sarah Salomon, a senior strategist with the firm who has served in various leadership roles, including as assistant market head for private wealth management in Chicago, the company said, according to Insider.
Rybak, who joined UBS from Barclays International in 2018, helped develop the family office solutions group as part of UBS’ bid to lure ultra-wealthy U.S. clients with complex financial needs, the web publication writes. The 20-member team, which covers philanthropy, trust and estate topics, transactions such as direct deals, and administrative services, works with UBS’ U.S.-based private wealth advisors, according to Insider.