He was the man who managed the very wealthy clients, including many oligarchs. After more than 20 years at Credit Suisse and most recently at UBS, a new chapter begins for him.
He will remain on board until the end of October 2024, after which it’s over. Babak Dastmaltschi will retire. This was announced internally at UBS on Friday and confirmed to finews.asia upon request.
Dastmaltschi is a heavyweight in global banking. He joined Credit Suisse (CS) 23 years ago as Global Head of Family Office. He then founded «Investment Partners,» a team dedicated to serving particularly wealthy clients, so-called Ultra-High-Net-Worth Individuals (UHNWI) with assets of at least 50 million francs.
What’s interesting in this context: Dastmaltschi handled both, their personal and business needs, particularly in investment banking. His clientele also included many Russian clients, who, as finews.asia reported several times, were not always entirely unproblematic for CS.
New Department Founded
Together with this team, he led the OneBank collaboration approach, which connected all relevant areas for the benefit of the clients. Over time, he further developed this model, which led to the founding of the «Strategic Client Partners» department, which he headed as Chairman of the Private Banking Management Committee. Additionally, he was tasked with building the Investment Banking Advisory (IBA) division, a joint venture for mid-market M&A advisory and execution, in collaboration with the investment bank.
Most recently, he served at UBS as an Executive Vice Chair (EVC) in the «GWM Strategic Clients» division reporting to Benjamin Cavalli. In this role, he ensured that very wealthy clients’ trust in the combined «new UBS» remained intact.
Complex Needs
«Babak Dastmaltschi has always uniquely recognized and addressed the complex needs of UHNW clients and their families,» UBS said on Friday. The EVC department brings together highly experienced executives who manage client relationships on a strategic level. They work closely with client advisors and specialists, who handle more of the day-to-day business and investment advice or specific tasks.
