UBS is planning to restructure its wealth management division ahead of the promotion of Iqbal Khan and Rob Karofsky to co-presidents next week.
According to a UBS staff memo seen by Investment Week, the firm will consolidate all its global wealth management units into one department called GWM Solutions. The division will be led by Yves-Alain Sommerhalder, former managing director at Credit Suisse, and will begin operations on 1 July. Sommerhalder will be based in New York and Zurich and will report to Khan and Karofsky while being part of the GWM management team. UBS appoints head of UK wealth management GWM Solutions will include the global investment management, unified global markets, global lending unit and global fam...
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