Another long-standing UBS manager has fallen victim to a reshuffle following the Swiss bank's merger of its U.S.-based brokerage arm with its wider wealth management activities in the rest of the world.
By Shruti Advani, Guest Contributor finews.asia
There is a change of guard at the London offices of UBS: Nick Perryman, head of emerging markets at the Swiss bank's newly-merged global wealth management unit, is taking an extended sabbatical, a source familiar with the matter told finews.asia.
The bank intends to announce that it is appointing Geneva-based private banker Amir Sadr (pictured, left) to replace him imminently, the person said. Perryman's exit from the role is notable: the private banker has been with UBS since 2002. Perryman was included alongside such industry luminaries as Pictet partner Marc Pictet and ex-Julius Baer boss (and now Pictet partner) Boris Collardi as one of European wealth management's top young talents in 2009. The 42-year-old is a prominent figure in the U.K, in part due to his backing of Royal Holloway, a prestigious London university from which he graduated with a degree in psychology.
Middle East Expertise
UBS did not comment on the reason behind Perryman’s extended absence from the bank. His replacement by Sadr is the latest in a series of high-profile moves since January, when UBS twinned its American brokerage arm with its flagship private bank in the rest of the world.
Less is known of Sadr, who is said to have significant experience working with wealthy clients across the European, Middle East, and North African region, both in private and institutional spheres. Sadr joined UBS four years ago as an ultra-high net worth specialist from Coutts, where he co-ran that private bank's Middle East business from Dubai. Prior to that, he was head of Merrill Lynch's institutional client and family office group.
UBS' Mega-Merger
In his new role, Sadr will lead a team of relationship managers and investment advisors from London, a key centre for emerging markets and international clients. As well as central and eastern Europe, UBS in London delivers client solutions across the Middle East, Africa, Asia, and Latin America.
The mega-unit merger, which was questioned by analysts and commentators including finews.asia, failed to unleash a rally in UBS' shares. On Tuesday, the bank posted bumper second-quarter profits as well as inroads with the type of ultra-wealthy clients that UBS is increasingly trying to attract.
