UBS has appointed a new UK and EM family office head after its previous boss defected to a rival.
Michel Frey has been drafted in as head of global family office (GFO) UK and EM following Sofia Sool’s defection to Deutsche Bank Wealth Management.
Sool, who had spent seven years at UBS in total, had been in charge of the GFO unit for only four months.
Frey has worked at UBS for two decades across several locations in Switzerland, Singapore, and Monaco, the latter of which he spent seven years as GFO head.
He will relocate from Monaco to London in July to take up his new post, where he will jointly report to Eva Lindholm, head of WM UK and Jersey and Matthias Lehmann, head of GFO Western Europe.
The team will be led by James Charlton Meyrick on an interim basis while Frey is making the transition.
In a statement UBS thanked Sool for her contribution to the business and underlined that one of Frey’s key tasks will be ‘developing the London footprint for GFO’.
UBS has weathered the pandemic somewhat better than other global banks, recording a 41% gain in its pre-tax profits to $1.2bn in its global wealth management division during the first quarter.
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