What You Have to Know
- The agency is the biggest wealth supervisor on the planet exterior the U.S., the place it is struggled to increase.
- The creation of the position goals to reprise a place held by Tom Naratil from 2016 to 2022.
UBS Group AG is discussing plans to raise funding financial institution chief Rob Karofsky to guide its whole U.S. enterprise, because the Swiss lender focuses on increasing on the planet’s largest wealth market, individuals accustomed to the matter stated.
The shake-up, the main points of which haven’t but been finalized, would see Karofsky, 57, take accountability for the important thing wealth administration enterprise within the nation, along with the U.S. funding financial institution, stated the individuals, who requested to not be named discussing non-public particulars.
The transfer would allow world wealth head Iqbal Khan, 48, to concentrate on fast-growing markets in Asia and the Center East.
The creation of the position reprises to an extent the place held by Tom Naratil, who was the joint chief of the wealth unit and the president of UBS’s Americas enterprise till 2022.
Khan, who helped run Credit score Suisse’s worldwide wealth enterprise for a number of years earlier than shifting to UBS in 2019, was subsequently made sole world wealth head.
A spokesman for UBS declined to remark. Karofsky and Khan didn’t reply to requests for remark.
UBS Chief Government Officer Sergio Ermotti has made increasing within the U.S. wealth market a key a part of his technique past the quick integration of Credit score Suisse, which the financial institution purchased in an emergency rescue final yr.