UBS Group has elevated Iqbal Khan as the sole head of the bank’s global wealth management business, effective 3 October 2022.

The appointment follows the decision by UBS Global Wealth Management (GWM) co-president and UBS Americas president Tom Naratil to step down from his current roles.

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Khan joined UBS in 2019 and has been serving as GWM co-president, alongside Naratil.

Khan’s background as a financial and regulatory auditor and his risk management expertise, and focus on client outcomes and commercial impact make him the ideal person to lead GWM, the Swiss banking group said in a statement.

UBS appointed Naureen Hassan to succeed Naratil as president of UBS Americas and CEO of UBS Americas Holding. Hassan joins the bank from the Federal Reserve Bank of New York (FRBNY).

She will be responsible for growing client relationships, enhancing cross-business collaboration, navigating the evolving public policy landscape, and setting up a sound regulatory and reputational risk governance.

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UBS Group CEO Ralph Hamers said: “I am delighted to welcome Naureen Hassan to UBS as President UBS Americas and to congratulate Iqbal on his expanded role as sole President Global Wealth Management.

“I also want to personally thank Tom for his leadership and significant contributions to UBS over the past four decades. He’s been a champion of our strategy and transformation and a vocal advocate of our diversity initiatives. I wish him all the best in his future endeavours.

“Our Global Wealth Management business and our Americas region are strategically important, and both offer significant growth opportunities for us. I am confident that Naureen and Iqbal will build upon Tom’s success and continue to deliver for our clients and achieve our strategic ambitions.”

Last month, Reuters reported that UBS head of strategy Christian Zeinler would stand down from his position and leave the bank to pursue entrepreneurship outside of financial service.