Swiss banking group UBS is establishing European and Asian teams to offer its wealthy clients access to more private market deals.
Giuseppe De Filippo will be in charge of distribution teams for Europe, the Middle East, Africa, and Switzerland, reported Bloomberg citing a memo sent to employees.
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Enrico Mattoli will manage distribution initiatives in Asia Pacific, the memo added.
The news was confirmed by a spokesman from the bank.
The move is part of the bank’s initiatives to grow business with its multimillionaire and billionaire customers.
These customers eye access to private equity, real estate and other unlisted assets.
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By GlobalDataUBS has launched a similar group in the US for wealthy clients.
The regional teams will include staff from wealth management and investment banking businesses.
The matter of splitting fees is yet to be decided.
UBS has unveiled several changes to its wealth management business under its global wealth management co-heads Iqbal Khan and Tom Naratil .
Khan joined UBS last year from Credit Suisse.
In December last year, a report revealed that the bank plans to reorganise its UHNW business.
The plan is to restructure the existing UHNW business and establish a new business dedicated to wealthy customers requiring investment banking services.
Earlier this year, UBS said that it will axe 500 jobs as part of a revamp of its wealth management unit.
Notably, UBS is also reportedly planning to launch a new Miami office to serve wealth managers in Latin America.
