In contrast to the Group level, former Credit Suisse bankers are increasingly joining the ranks at the helm of UBS Asset Management. It's probably not without reason that Iqbal Khan, the head of the division, is more integrative than his boss Sergio Ermotti.
Benjamin Cavalli may have lost his post as head of Asia in the private banking division of Credit Suisse with the official takeover of the bank, but won't end up on the sidelines at the combined UBS. On the contrary, Iqbal Khan, head of Global Wealth Management (GWM), has appointed him as his deputy to manage very wealthy clients, according to an internal memo Khan sent to his staff and seen by finews.com.
Khan's Right Hand
Cavalli, considered among the most knowledgeable about Asia in Swiss Banking, will be given another illustrious task. On July 3, he takes charge of a global team looking after strategic clients in UBS wealth management. He will work with regional business leaders and be supported by senior client service teams. Cavalli will continue to work from Singapore, but his focus will be on super-rich clients.
Cavalli is partly following in the footsteps of Josef «Joe» Stadler, the architect of UBS's super-rich business. Stadler is retiring at the end of 2023 after being relegated to an advisory role last year. Until that happens, Stadler is expected to work closely with the newly appointed Cavalli to ensure the continued servicing of client relationships most important to the bank, Khan said.
(Image: Credit Suisse)
A Return Engagement
Meanwhile, former investment banker George Athanasopoulos, who replaced Stadler as UBS's new head of super-rich at the start of 2022 when the Global Family & Institutional Wealth division was re-established, will remain in his post.
Yves-Alain Sommerhalder (pictured above) sees himself entrusted with a key role. The former trader left Credit Suisse last year and was then surprisingly brought to UBS by Khan. He's landed back at Credit Suisse to steer the entire private banking operation of the new UBS subsidiary, reporting to Ulrich Koerner, the CEO of Credit Suisse, who also sits on the executive board of UBS.
Francesco De Ferrari Becomes an Advisor
Sommerhalder and Wiwi Gutmannsbauer, operational head at GWM, will jointly steer the integration team to merge Credit Suisse and UBS wealth management. Kinner Lakhani (pictured below), most recently responsible for strategy development and investor interaction at Credit Suisse, becomes active as chief financial officer of the combined entities.
As it turns out, various Credit Suisse executives are now finding new roles in Khan's GWM division, in contrast to the approach of UBS CEO Sergio Ermotti, who is almost exclusively relying on former UBS executives in top management. The personnel policy in asset management is likely to reflect the fact UBS wants to integrate as much of Credit Suisse business as possible.
(Image: Credit Suisse)
Francesco De Ferrari, the former head of Credit Suisse wealth management and the great hope for a turnaround has to hand over all his subordinates to his successor Sommerhalder. De Ferrari will continue to support the GWM management team as an advisor to ensure a seamless transition.
Reaching the Finish Line
Jin Yee Young (pictured below) can also look back on an exciting few months. She left Credit Suisse in Asia for Deutsche Bank last year and abruptly switched to UBS where she is now taking over as co-head of wealth management for the Asia Pacific region. She will be directly responsible for Singapore and Southeast Asia, while her predecessor Amy Lo will take the other part of the co-leadership and be responsible for the business in Hong Kong, North Asia, and China.
The previous co-head alongside Lo, August Hatecke is making a surprise return to Switzerland, taking over private banking in Switzerland and the global financial intermediaries business from Anton Simonet on July 3. Simonet will remain in the more ceremonial role of vice president of the Switzerland region, reporting to UBS Switzerland chief Sabine Keller-Busse.
(Image: Deutsche Bank)
European Boss Holding Her Own
UBS Europabank boss Christine «Christl» Novakovic, who continues to head UBS Wealth Management in Europe, the Middle East, and Africa (EMEA), is also taking over International Private Banking from Credit Suisse, its coveted Swiss offshore business.
Other previous UBS bigwigs are remaining in their posts. Jason Chandler heads the GWM markets of North and South America including Latin America, Mark Haefele directs the investments of the combined wealth management business, Bruno Marxer is responsible for mandates and investment content, while Michael Blum is in charge of banking in North and South America.
