UBS has announced organisational changes to its wealth management and ultra-high net worth business in Asia. The moves follow the follow of high-profile private banker Ravi Raju from Deutsche Bank.
Amy Lo has been appointed Chairwoman and head of UBS's private bank in greater China as well as country head for UBS Hong Kong, while former Deutsche Bank regional wealth head, Ravi Raju takes on the role of global head for ultra-high net worth (UHNW) clients in Asia, the Swiss bank said on Wednesday.
Raju was poached from Deutsche last year, in a move which reportedly so vexed the Frankfurt-based lender that it decided on an unusual payback for the Swiss bank.
Lo will continue her role as head of Hong Kong, which is a key point of contact for UBS to local regulators, including on a simmering dispute over initial public offerings.
The changes are effective immediately.
China Growth
«Amy will be responsible for driving the expansion of our Greater China onshore and offshore businesses. In addition to her existing role as Head of WM Greater China, Amy will be appointed as Chairwoman for Greater China reporting to Edmund Koh,» Koh Head of Wealth Management Asia Pacific and Joe Stadler Head Global UHNW said in a statement.
As Chairwoman, Lo (pictured above) will be responsible for UBS' wealth management strategy and key initiatives for the greater China markets as well as ensuring strong alignment and integration of China teams across all locations and segments.
Raju will continue to report into Joe Stadler and Edmund Koh.
UBS has high hopes for business from greater China, which the Swiss bank expects will contribute over 60 percent of overall wealth created in the next three years.
