UBS has named Christine Novakovic as new head of wealth management in Europe, Middle East, and Africa (EMEA).

Novakovic, who is currently leading the Swiss investment banking and corporate customer arm of UBS, will replace Paul Raphael.

Meanwhile, UBS Brazil chairman Sylvia Coutinho has now been appointed as the company’s head of wealth management for Latin America business.

The latest changes were revealed in a memo. The management reshuffle comes shortly after the Swiss company’s announcement to create a unified wealth management division, called Global Wealth Management, by merging its American wealth management and international wealth management operations.

The unified group will be headed by Martin Blessing, president of wealth management at UBS, and Tom Naratil, president of UBS Americas and Wealth Management Americas. It will be operational from 1 February 2018.

UBS also appointed Reto Wangler as the COO of the combined group, replacing Dirk Klee.

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By GlobalData

“We are discussing future opportunities with Paul Raphael and Dirk Klee,” the memo stated.