UBS appoints Iqbal Khan as sole head of wealth control unit

UBS appoints Iqbal Khan as sole head of wealth control unit

UBS has appointed Iqbal Khan as the only real head of its flagship wealth control department in a control reshuffle that strengthens his probabilities of taking on as leader government of the Swiss financial institution one day.

Tom Naratil, who was once prior to now co-head of the department along Khan and led the financial institution’s Americas unit, will go away UBS after 39 years. Naratil was once probably the most architects of the lender’s resolution to speculate closely in wealth control whilst hanging much less emphasis on funding banking.

As well as, Naureen Hassan will sign up for as president of UBS Americas from the Federal Reserve Financial institution of New York, the place she was once first vice-president and leader running officer. Jason Chandler will proceed as head of US wealth control however will report back to Khan.

UBS leader government Ralph Hamers congratulated Khan on “his expanded function” and mentioned he was once “thrilled” to welcome Hassan to the financial institution. Hamers additionally thanked Naratil for his “vital contributions” over the last 4 many years.

The control adjustments cement Khan’s recognition as one of the crucial a hit Swiss bankers of his era. The 46-year-old has risen to the highest of the business over the last decade, even if at one level his fast ascent gave the impression to be underneath danger following a bruising row along with his erstwhile boss, former Credit score Suisse leader government Tidjane Thiam.

Khan joined UBS in 2019, having left arch rival Credit score Suisse underneath a cloud of acrimony after it emerged that the financial institution had accepted a surveillance program on him and his circle of relatives following the feud with Thiam.

The scurrilous main points of the conflict between two of essentially the most senior figures in Swiss banking — together with a row over their neighbouring luxurious houses at the “gold coast” of Lake Zurich — transfixed the rustic’s typically staid monetary neighborhood.

Ultimately — a number of months after Khan’s resignation from Credit score Suisse — the scandal toppled Thiam.

In his new function, Khan is situated as a number one contender to at some point take over from Hamers, who become leader government of UBS just below two years in the past.

In an inner memo, observed via the Monetary Occasions, Khan and Naratil instructed team of workers “management transitions can naturally steered questions concerning the long term” however mentioned the financial institution’s senior control remained “totally dedicated” to the worldwide wealth control technique.

“Our industry hasn’t ever been in higher form, and with our bold enlargement technique smartly underway, the time is true to transition to our subsequent bankruptcy,” Naratil and Khan wrote within the memo.

Khan was once credited with riding the fast growth of Credit score Suisse’s wealth control department, a feat he has repeated at UBS, the most important lender to the sector’s “super-rich”. Khan will now lead a department that oversees greater than $3tn in property.

Whilst UBS has thrived lately, Credit score Suisse has been roiled via successive prison disputes and control missteps, together with the departure of its chair António Horta-Osório following a couple of breaches of Switzerland’s Covid-19 quarantine regulations.

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