UBS Group is reportedly planning to restructure Global Family Office, the business that serves its wealthiest clients.
The move was reported by Bloomberg reported citing a memo sent to the employees. The memo was sent by the bank’s wealth unit co-heads Iqbal Khan and Tom Naratil, and investment banking head Rob Karofsky.
According to the report, the bank will combine the unit with a newly established larger business that will also comprise its lending, trading, prime brokerage, and private markets services next month.
The new business, which is named Global Family and Institutional Wealth, will be led by George Athanasopoulos, according to the memo.
A spokesperson for UBS confirmed the contents of the memo to Bloomberg.
In addition to the new role, Athanasopoulos will continue to serve his current job as co-head of global markets in the investment bank division.
He will report to Khan, Naratil and Karofsky.
Joe Stadler, who led the UBS Global Family Office unit, will remain with the bank as an executive vice chair in the wealth unit. He will work directly with Khan.
Mark Sanborn will continue to lead Unified Global Markets in the US, while Patrick Grob will remain responsible for other markets.
Remi Mennesson will continue to head UBS’ lending and direct investment unit, while Ian Maynard will remain as head of its prime brokerage business.
Paul Crisci will be responsible for the banking business of the new unit.
Sanborn, Grob, Mennesson, Maynard, and Crisci will report to Athanasopoulos.
In January this year, UBS agreed to acquire US-based automated wealth management provider Wealthfront.
