UBS reorganises US wealth management unit in growth push

UBS Group made organisational changes to its wealth-management unit in the US as it seeks to lift profitability in a market that’s central for its growth plans.

The structure of wealth advisers in the US will move from two divisions to four regional units, as well as a team for international clients and an advice centre, according to a memo sent to staff by country president Rob Karofsky and Michael Camacho, head of US wealth management, and seen by Bloomberg.

UBS is seeking a broader banking license in the US, with chief executive officer Sergio Ermotti making expansion in the US a key part of his strategy beyond the immediate integration of Credit Suisse. The takeover has beefed up UBS’s US investment bank, which it plans to use to sign on entrepreneurs and rich individuals as clients for its private banking business.

UBS said it was also expanding the services available to its wealthiest clients, and is creating a new Ultra-High New Worth Plus segment for clients with assets of more than US$50 million.

The Wall Street Journal first reported on the organisational changes. BLOOMBERG