A month ago, UBS unveiled top-level management changes. Now, the bank is putting more organisational changes into place for its wealth business, affecting regions including the Americas.

UBS is reorganising its wealth management arm, signalling the first large change under its leaders Rob Karofsky and Iqbal Khan, a media report said yesterday.

The goal is for the Switzerland-headquartered bank – which has now wrapped up its purchase of Credit Suisse – to provide more investment services to ultra-high net worth clients.

A new unit – GWM Solutions – will be created to put certain wealth offerings in one place, Bloomberg reported, citing an internal memo.

This publication understands that the report of the memo is accurate. 

Former Credit Suisse wealth banker Yves-Alain Sommerhalder will lead the unit, the report said. Ex-JP Morgan figure Michael Camacho, who is joining UBS, will lead wealth management in the US, beginning in September.

As this news service reported on 30 May, UBS announced a new leadership set-up about a month ago.

Investment bank head Karofsky was appointed to run its US business and jointly oversee wealth with Khan, who was the sole head previously. Khan, who will be relocating to Asia, was also made president of the Asia-Pacific region.

The report said that UBS is also building a new Latin America new business unit, led by Marcello Chilov. 

Sommerhalder, a Credit Suisse veteran, will operate from New York and Zurich, the memo reportedly said.

UBS is also launching a new “division-agnostic” Global Alternatives business to deepen its ties with limited partners across the globe “to capture higher returns and diversify their portfolios,” the report added.

See this editorial comment about what the recent changes to UBS's top management mean for its Asia business.