As of early July, Rob Karofsky and Iqbal Khan are jointly assuming leadership of UBS's Global Wealth Management division. In an internal memo, they have unveiled their plans for restructuring and set the course for the years ahead.

UBS Global Wealth Management (GWM) is undergoing restructuring and strategic reorientation with the appointment of co-leaders Rob Karofsky and Iqbal Khan. Their goals include fostering increased growth, enhancing quality, and boosting productivity.

A new division, GWM Solutions, will be established under the leadership of Yves-Alain Sommerhalder (pictured below), consolidating all client solutions into a unified framework. According to an internal memo obtained by finews.asia, this initiative aims to streamline the delivery of top-tier products and capabilities to UBS advisors efficiently and consistently.

 

(Image: UBS)

The integration of Credit Suisse's wealth management platform is set to be completed by the end of 2026, alongside a significant strengthening of UBS' presence in the United States.

New US Head From J.P. Morgan

Michael Camacho will join UBS as head of GWM US starting September 16. With over thirty years at J.P. Morgan, he most recently served as CEO of wealth solutions. Jason Chandler, currently head of GWM Americas, will assume a new role as chairman of GWM Americas.

Following the acquisition of Credit Suisse and recognizing the market size and potential of Latin America, this region will operate as a separate business unit under new leadership. Marcello Chilov will lead this unit, reporting directly to the GWM co-heads.

Patrick Grob, currently head of unified global markets (UGM), will relocate to the Asia Pacific (APAC) region to strengthen GWM solutions in this key growth area.

UBS Asset Management will align its strategic asset allocation (SAA) with the chief investment office's house view, utilizing these as core components for portfolios. Additionally, Manager Research will be integrated into this strategy.

Enhanced Offering in Alternative Investments

UBS notes increasing client interest in alternative investments, prompting the establishment of the new sector-independent division, Unified Global Alternatives (UGA). This unit will consolidate GWM's and AM's global alternative single and multi-manager selection areas and will be jointly led by Johannes Roth and Jerry Pascucci.

Also new is Unified Global Banking (UGB), merging GWM origination and IB global banking solutions into a single team. UGB is viewed as a growth opportunity that differentiates UBS from its competitors, under the leadership of Jason Hutchings.

New Organizational Structure

In late May, UBS unveiled its new organizational structure aimed at executing the integration of Credit Suisse. In addition to GWM, the investment bank also received a dual leadership structure with George Athanasopoulos and Marco Valla appointed as co-presidents.