Swiss wealth manager UBS has named Christine Novakovic as the new CEO of its Europe unit, replacing Thomas Rodermann.
Novakovic will assume the new role next month and operate out of Frankfurt.
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Currently, she manages the firm’s wealth management activities in the EMEA region. She will retain this role in addition to her new responsibility.
At the same time, she will now serve as the country head for Germany and Austria. She will succeed Rodermann in this role.
Rodermann will step down from his position this November. The decision is said to follow a “friendly, mutual agreement”.
UBS Europe chairman of the supervisory board Roland Koch was quoted as saying by Reuters: “This setup will allow us to streamline and simplify the management structure, reduce internal coordination effort and enable faster and more flexible decisions.”
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By GlobalDataRecent developments at UBS
Last month, UBS appointed Anthony Sweetman and Nick Hughes as the new co-CEOs of its Australia and New Zealand (Australasia) operations.
The two will succeed Matthew Grounds, who will step down by this year-end.
Earlier this month, Bloomberg reported that UBS will lower the threshold for passing negative rates to affluent clients.
UBS was recently also in the news for raising its stake in France wealth management unit.
