US News in UBS Tobt Travambampf for the Global Family Office: Circles

19:50  25 october  2021
19:50  25 october  2021 Source:   finanzen.net

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(Bloomberg) - In UBS Group AG, the independent status of the division could be called into question, which takes care of some of its richest customers. Reason for this are according to persons with knowledge of the situation internal disputes about how the profits between Wealth Management and Investment Banking are split.

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The Swiss Group is therefore considering to throw the existing system over the pile that splits the gain between the two divisions based on different products and services. It could be replaced by a permanent agreement that regulates transactions between the two areas report the persons. No decisiones were still made, which is partly because the heads of the two divisions are not yet in agreement.

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The Global Family Office, which cares about the super-rich customers of the bank, is the focus of the talks, so the persons. The area is headed by Joe Stadler, which was considered a great winner of a restructuring of the bank two years ago.

Meanwhile, the head of Wealth Management, IQBal Khan and Tom Naratil, are unfortunate that the GFO usually shares half of his profit with the investment bank, the persons say. UBS has not yet decided how the overarching agreement looks exactly; In the end, however, the GFO could be dissolved in its present form, it was said.

A spokesman for UBS refused an opinion.

Wealth Heavyweight © Bloomberg Wealth Heavyweight

If the changes are implemented, this would be one of the biggest changes within the bank under Chief Executive Officer Ralph Hamer, who has taken over the rudder of Sergio Ermotti a year ago. Hamers wants the bank to operate more cross-departmental. However, changes to the existing system could revive old rivalries between investment bank and wealth management.

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The speculation on the GFO has increased in the last six months after the future of the area in strategy sessions in summer was a discussion topic, the persons.

The Bank's strategy was based on offering the super-rich access to sophisticated investment banking services in the last ten years. Now the executives discuss easier alternatives. With a new agreement, Wealth Management could claim a part of the profit for itself, which is currently being removed to the investment bank, so the persons.

headline in original:

UBS Weigh's Changes to Elite Global Family Office in Profit Talks

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