Division of roles in UBS asset management due to management changes

UBS AG Group (NYSE:UBS) shares are rising after the bank revealed it would split its top wealth management position to streamline management operations.

UBS has announced several changes to its Group Executive Board (GEB), effective July 1, 2024.

The bank has appointed Iqbal Khan as president of UBS Asia-Pacific with effect from September 1, 2024, along with co-head of the Global Wealth Management (GWM) division.

UBS also named Rob Karofsky co-president of UBS Investment Bank, head of the Americas and co-president of global wealth management, in addition to day-to-day wealth management.

In addition, UBS has appointed George Athanasopoulos and Marco Valla as co-presidents of the Investment Bank.

The bank announced that Ulrich Körner, general manager for Credit Suisse AGhe will step down from GEB at the end of June and leave UBS later this year.

Additionally, Edmund Koh and Naureen Hassan will leave their positions as president of UBS Asia-Pacific (effective September 1, 2024) and regional president of UBS Americas (effective July 1, 2024), respectively.

UBS CEO Sergio P. Ermotti said: “The Group Board appointments we are announcing today will enable us to further progress on our integration journey and realize the expected synergies and efficiencies, while placing even greater emphasis on our long-term priorities and growth prospects, particularly in the Americas and the Asia-Pacific region.”

Vontobel analyst Andreas Venditti described the staffing changes “as more far-reaching than expected” and added that “the new appointments further underscore our long-term priorities and growth prospects, particularly in the Americas and the Asia-Pacific region,” Reuters reports.

According to Reuters, Khan and Karofsky are among the leading internal candidates to succeed Ermotti, who the bank says could remain in office until at least 2027.

The report said Ermotti rejected the appointment of an outsider as his successor and planned to introduce internal candidates, as he did when he last left UBS in 2020.

Notably, UBS’s integration with Credit Suisse is expected to be legally completed on Friday. Last year in June, UBS completed the acquisition of Credit Suisse.

Last month, UBS announced a new share repurchase program worth up to $2 billion, expected to begin in 2024, to boost returns for investors as it completes its acquisition of Credit Suisse.

Earlier this month, UBS reported Q1 FY24 sales of $12.74 billion, beating estimates, and GWM reported net new assets of $27.4 billion, with revenue growing 28% YoY to 6. $14 billion.

According to Benzinga Pro, UBS has gained more than 49% in the past year. Investors can gain exposure to stocks through Avantis international equity fund (NYSE:AVDE) i American Century ETF Trust Avantis Responsible international ETF (NYSE:AVSD).

Reduction: UBS stock was up 2.33% at $31.22 at last check on Thursday.

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The article UBS Wealth Management’s board role division amid board reshuffle originally appeared on Benzinga.com