UBS Shakes Up Wealth Management Business with New Leadership and Business Units

UBS, one of the world’s largest wealth management companies, is making significant changes to its all-important wealth management business. In a memo sent to employees on Thursday, the Swiss Bank announced the hiring of Michael Camacho, a former JPMorgan Chase executive, to lead its U.S. wealth unit. Additionally, UBS is creating a new business unit focused on delivering a wide range of products and services to its advisors and clients.

Camacho, who will join UBS on September 16, previously served as CEO of wealth solutions at JPMorgan, overseeing services, investments, lending, and banking. His appointment at UBS highlights the bank’s increased emphasis on banking services for its ultrawealthy customers.

The memo, signed by co-presidents Iqbal Khan and Rob Karofsky, also mentioned that longtime UBS executive Jason Chandler will transition to a new role as chair of Global Wealth Management Americas. UBS’ Americas wealth unit, which includes Canada and Latin America, boasts over 6,000 financial advisors and nearly $2 trillion in assets.

Furthermore, UBS is establishing a new unit called Global Wealth Management Solutions, led by Yves-Alain Sommerhalder, to enhance the delivery of services and products to advisors and clients. The company also plans to launch a new alternative investments business and improve banking capabilities within its wealth management unit.

These changes come on the heels of UBS’s acquisition of former rival Credit Suisse last year, which bolstered its wealth management operations and expanded its presence in non-U.S. markets. The memo also revealed that UBS will separate its Latin America wealth management operations into a standalone unit led by Marcello Chilov.

In May, UBS made executive appointments, with Karofsky becoming president of UBS Americas and co-president of the global wealth management business. Khan, a former Credit Suisse executive, previously led the wealth management business alone. Both executives are considered potential successors to CEO Sergio Ermotti.

The company also announced the retirement of Naureen Hassan, who served as president of the Americas, effective July 1. These strategic moves underscore UBS’s commitment to evolving its wealth management business to better serve its clients and advisors.