UBS reshuffles C-suite with Credit Suisse star Khan, Citi veteran Harford

[ZURICH] The world's largest wealth manager UBS on Thursday appointed former Credit Suisse manager Iqbal Khan and Citigroup veteran Suni Harford as new wealth and asset management executives.

Mr Khan, Credit Suisse's former head of International Wealth Management who is seen as a rising star with potential for one of the big banks' top jobs, will replace former Commerzbank head Martin Blessing as UBS wealth management co-head alongside the US-based Tom Naratil.

After benefiting from a shift to the traditionally steady wealth management business years ahead of rival Credit Suisse, UBS has recently been hit by a slew of troubles - from cash hoarding by wealthy clients to a multibillion-euro legal fight in France and questions over whether it will keep or sell its asset management division - leading to speculation the bank might need to refresh its strategy.

"I'm looking forward to having Suni and Iqbal join the group executive board," chief executive Sergio Ermotti said in a statement. "They are great additions to the team and will help us drive sustainable growth and profitability for UBS."

Mr Blessing, who joined UBS in 2016, will remain with the bank through December, while the bank's current head of asset management Uelrich Koerner will become an adviser to Mr Ermotti through at least March.

Group chief operating officer Sabine Keller-Busse will separately take on Mr Koerner's current role of president of the Europe, Middle East and Africa region, UBS said.

REUTERS