UBS Group AG is restructuring its unit that serves its wealthiest clients to tie the needs of billionaires to its investment banking business.
The unit was previously referred to as Global Family Office and will be shifted into a newly-formed larger business that will include the bank’s lending, trading, brokerage, and its marketing activities in April. The firm will be called Global Family and Institutional Wealth and will be headed by George Athanasopoulos, according to a memo received by its employees.
The memo was sent out on Monday by the co-heads of the bank’s wealth unit, Iqbal Khan and Rob Karofsky, the head of the investment bank. The contents of the memo were confirmed by a UBS spokesperson.
Athanasopoulos will continue his job as the co-head of global markets in the investment bank division, but will take on this new role and report to Naratil, Karofsky, and Khan. Joe Stadler, the manager of the former Global Family Office unit will become the executive vice chair in the wealth unit and work with Khan.
This is one of the biggest changes in the bank under Chief Executive Officer Ralph Hamers, who is in his second year running the bank. He has asked that the staff work in an “agile’ manner and encourages the bank to be better at cooperate efficiently across divisions.
‘UBS Restructures Global Family Office Unit for Wealthiest Clients‘- Advisor Hub
