UBS Group AG is restructuring its wealth management units in an effort to leverage the bank’s global presence.
The Wealth Management and Wealth Management Americas units will now each have their own Investment Platforms and Solutions (IPS) group.
Jürg Zeltner, president of UBS Wealth Management, and Tom Naratil, president of Wealth Management Americas, emailed a memorandum to employees detailing the changes.
The two new groups are recreations of the Wealth Management Investment Products and Service, and the Wealth Management Americas Advice and Solutions organizations. They will be co-headed by two UBS wealth management executives.
Christian Wiesendanger will be taking over what is now called Wealth Management IPS from interim head Jakob Stott and will report directly to Zeltner.
Wiesendanger has lead the firm’s wealth management business in Switzerland since he joined UBS in 2010 and took over the bank’s entire unit in 2015.
Tapped to head Wealth Management Americas IPS was Jason Chandler, who is taking over for current head, Paul Hatch. Chandler will report directly to Naratil.
Other changes were made to existing organizations within the new group. Jeff Miller will lead Advisory and Planning, and Filippo Ilardi will head Strategic Planning and Business Execution. The leaders of Structured Solutions and Alternative Investments will now report directly to Chandler.
A longtime UBS employee, Chandler has served in a number of leadership roles. He’s served as the head of Private Wealth Management and most recently as director of the northeast division and chairman of the Private Bank. Hatch will be assuming those positions from Chandler, according to the memo.
Wiesendanger and Chandler will be co-heading global IPS and both will remain members of the UBS Wealth Management Executive Committee.
The changes at UBS came the same week a memo went out to employees at Merrill Lynch, which reduced the number of its divisions from 10 to six and announced numerous management changes.
A UBS spokesperson could not be reached for further details about the restructuring.