UBS Wealth Management undergoes reorganization with the creation of GWM Solutions
UBS has announced a major reorganization in its Wealth Management division, with the introduction of a new unit called GWM Solutions. This move comes as part of the new co-leadership structure headed by Rob Karofsky and Iqbal Khan. The creation of GWM Solutions aims to consolidate various offerings for very wealthy clients under one roof, bringing services such as Investment Management, lending, Family and Institutional Wealth, and alternative investments together in a cohesive manner.
According to a memo obtained by Bloomberg News, the new division will be spearheaded by former Credit Suisse Wealth Banker, Yves-Alain Sommerhalder. Additionally, UBS is bolstering its leadership team with the appointment of JPMorgan veteran, Michael Camacho, who will take on the role of heading Wealth Management in the United States starting in September. This move follows the appointment of Investment Bank Chief, Rob Karofsky, to lead the US business earlier this year, along with sharing the leadership of the Wealth business with Iqbal Khan.
Khan, who previously led the Wealth business alone, will be transitioning to Asia, where he has been appointed as the President of the Asia-Pacific region. This strategic realignment reflects UBS's commitment to strengthening its presence in key markets and catering to the needs of its high-net-worth clientele.
In other news, the Swiss National Bank has urged UBS to adhere to stricter capital requirements, indicating the regulatory landscape's increased focus on financial stability and risk management across the banking sector. UBS's restructuring efforts and leadership adjustments signify the firm's proactive stance in navigating market challenges and ensuring long-term growth and success in a competitive global environment.
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