UBS Weighs Choices to Elevate Iqbal Khan as Sole Head of Wealth Administration
UBS Group is planning to advertise Iqbal Khan to move the worldwide wealth enterprise solely and ultimately groom him to take over from the present CEO Ralph Hamers.
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The non-public banking enterprise is presently co-head by Khan and Tom Naratil. In response to folks having data of those deliberations, Naratil could proceed in his regional position as head of UBS enterprise within the US. The folks stated that no ultimate choice had been taken but, and plans have been topic to vary. Additionally, it’s unclear whether or not Naratil will stay on the Banks govt Board, which includes 12 members, after the adjustments.
UBS declined to touch upon the developments.
The Swiss lender underneath Hamer has crossed the $3 trillion mark in AUM and is relying on higher use of digital expertise to extend enterprise with the world’s elites and scale back the price of operations. UBS has acquired Wealthfront, a Robo wealth adviser within the US, and has launched cellular apps in Asia and Europe to interact the shoppers with UBS for funding alternatives much like these shopping Netflix for motion pictures.
Khan, 46, would place himself to take over from the CEO sooner or later if he will get to be elevated to guide the financial institution’s largest division solely. This decisive inner transfer remains to be far off because the Dutch Govt has been the CEO for under two years now. Iqbal Khan left Credit score Suisse Group AG, the place he was the top of the worldwide wealth division, and joined the UBS group in 2019.
In 2021, Khan was given the regional head position in UBS for Africa, the Center East, and Europe. He has focussed on increasing UBS mortgage books with high-net-worth shoppers, hiring his earlier colleague like Remi Tenneson from Credit score Suisse to construct areas in non-public investments and structured merchandise.
UBS elevated its mortgage e book by greater than $25 billion yearly to its rich consumer and surpassed the goal set by Khan when he joined the financial institution and later turbo-charged web curiosity revenue for the financial institution. The Zurich-based financial institution earned vital charges from financing their rich shoppers of their funding and buying and selling actions.
Just lately, Naratil, Khan, and head ofInvestment banking Rob Karofsky restructured the division that handled high-net-worth shoppers and clubbed it with a bigger enterprise in funding banking after eradicating its long-standing head, Joe Stadler.
Naratil, 60, joined PaineWebber in 1983 to start out his profession. UBS later acquired Paine Webber in 2000. For a number of years, Naratil labored because the Chief Working Officer and Chief Monetary Officer in Zurich earlier than he returned to New York in 2016 to deal with the wealth enterprise.