UBS Global Wealth Management has revealed its plans to restructure its regional UK business, geared towards further expansion, shifting from a city-focused approach to larger geographical units.
Reporting to Jonathan Brown, head of UK regions, Debjani Raffan and Martyn Begbour will both assume the roles of regional head, with responsibility for the two geographical areas.
Raffan will oversee Scotland, Northern Ireland, North East & Yorkshire and Begbour will oversee the North West, Midlands, South West & Wales.
The following individuals will form part of the regional management team, working alongside Brown, Raffan and Begbour to drive growth in their respective units:
North East – Aidan Dunstan
Scotland – Scott Young
Yorkshire – Neil King
North West – Jane Booth
Midlands – Andy Jackson
South, South West and Wales – Matthew Marsden
Explaining the firm’s decision, Brown commented: “The regions outside London make up a third of our UK HNW business, and have been a source of sustained growth over recent years.”
UBS, which has seen a near four-fold increase in assets under management across the last decade, hopes to operate more efficiently and effectively under the new structure, catering to a British client base with increasingly dispersed wealth.
Brown continued: “With the regional business now double the size it was when we established our current structure, and at a time when our clients are also starting to adopt new habits and demands, now is the time to re-assess the way we work so we can continue to offer the very best service and position ourselves for further growth.”
Celebrating its twentieth anniversary in UK regions, UBS also announced a string of hires within the regional business.
In Scotland, Tom Gorman and Jack Askew have joined the firm, bringing a combined 27 years of experience in wealth management.
In the Midlands, Kieran Duffy has also been recruited as a client adviser. Duffy began his career at RBS, before moving to Coutts private banking team in 2014 where he provided financial planning advice.
Brown concluded: “Looking ahead, we continue to see prospects for growth across the whole of the UK and we hope to add further experience to our teams by recruiting other talented individuals.
“The changes we have made to our structure will strengthen our ability to look broadly across the country to identify and capitalise on the wealth creation taking place.”