UBS Group AG is restructuring the unit that deals with its wealthiest clients in a bid to tie serving the needs of billionaires even closer to its investment banking business.
The unit, previously referred to as Global Family Office, will be folded into a newly formed larger business that will also house the bank’s trading, lending, prime brokerage, and private markets activities in April.
It will be called Global Family and Institutional Wealth, headed by George Athanasopoulos, according to a memo sent to employees.
The memo on Monday was sent by the co-heads of the bank’s wealth unit, Iqbal Khan and Tom Naratil, and the head of the investment bank Rob Karofsky. Its contents were confirmed by a UBS spokesperson.