UBS says it’s integrating its Global Family Office unit, which caters to its wealthiest clients, into a broader division aimed at bringing those clients closer to the firm’s investment banking business.
In addition to the family office, the new unit, dubbed “Global Family and Institutional Wealth,” will also include UBS’ Unified Global Markets, Global Lending Unit, Prime Brokerage and Private Markets One Bank, effective April 4, according to a memo to employees from co-heads of the bank’s wealth unit, Iqbal Khan and Tom Naratil, and the head of the investment bank Rob Karofsky seen by FA-IQ.
George Athanasopoulos, who currently serves as co-head of global markets in the investment bank division, will take on the additional role of overseeing the new unit, reporting to Khan, Naratil and Karofsky, they write.
Joe Stadler, who headed the former Global Family Office unit, will serve as an executive vice chair in the global wealth managed unit, working directly with Khan, according to the memo.
The new unit is part of UBS’ strategy under the stewardship of chief executive officer Ralph Hamers to “further support entrepreneurs, Family Offices, and other private investors with sophisticated, institutional-like needs by providing more seamless access to the intersection of UBS’s investment banking and wealth management capabilities,” according to the memo.
While the new unit is aimed at selling more of the firm’s services to the richest wealth management clients, Hamers has also steered UBS to the mass affluent market, most recently through the $1.4 billion acquisition of U.S. robo-advice provider Wealthfront, as reported.
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