CS-Integration
Rund zwei Dutzend Personen umfasst das Führungsteam im Wealth Management der UBS – davon sind 15 Direktunterstellte. Ist das nicht etwas viel?
14. Juni 2023 • Beat Schmid
Wie einem internen Memo zu entnehmen ist, umfasst das sogenannte Leadership Team im Bereich Global Wealth Management (GWA) insgesamt 23 Personen. Auf diese Zahl kommt man, wenn man alle Personen zusammenzählt, die in dem am Montag von Iqbal Khan verschickten Memo aufgelistet sind.
In dem Schreiben mit dem Titel: «Becoming the global wealth powerhouse – Moving forward with confidence and pride – together» begrüsst der GWA-Chef «unsere neuen Kolleginnen und Kollegen der Credit Suisse». «Gemeinsam werden wir die Marktführerschaft im asiatisch-pazifischen Raum, in Europa, Lateinamerika und im Mittleren Osten übernehmen und die Stärke haben, es mit den grössten Anbietern im US-Markt aufzunehmen», schreibt Khan.
Die eigentliche Neuigkeit im Schreiben waren jedoch die zahlreichen Ernennungen, die Khan bekannt gab. Die überraschendste ist die von Yves-Alain Sommerhalder, der Nachfolger von Francesco De Ferrari wird. Sommerhalder, der vor seinem Wechsel zur UBS im vergangenen Jahr bei der Credit Suisse in Asien grosse Kreditpakete für reiche Kunden schnürte, vertritt im GWA-Führungsgremium des alte Wealth Management der Credit Suisse.
Eine grosse Geschäftsleitung kostet viel Geld
Sommerhalder wird zusammen mit GWA-COO Wiwi Gutmannsbauer das Integrationsteam leiten. De Ferrari wiederum wird «Senior Advisor» von Iqbal Khan und nimmt Einsitz in die GWA-Geschäftsleitung. Von der Credit Suisse kommt auch der neue Finanzchef der Division. Kinner Lakhani war zuvor Head of Group Strategy and Development sowie Head of Investor Relations bei der übernommenen Bank. In Khans Führungsteam wird Asien mit einer Doppelspitze vertreten sein. Die APAC-Region wird mit Ami Lo und Jin Yee Young künftig von zwei Frauen geführt. Benjamin Cavalli und August Hatecke übernehmen neue Aufgaben: Cavalli wird von Singapur aus die sogenannten Strategic Clients leiten. Er übernimmt den Bereich von Joe Stadler, der die UBS im Laufe des Jahres verlassen wird. Hatecke leitet das Wealth Management in der Schweiz. Neben den genannten Führungspersönlichkeiten umfasst das Leadership Team von Iqbal Khan zahlreiche weitere Funktionen und Rollen. Insgesamt kommen so 23 Personen zusammen, wie ein UBS-Sprecher bestätigt. Davon sind 15 sogenannte Direct Reports, also Manager, die direkt an Khan berichten. Andere sitzen zwar im Leadershipteam, berichten aber an andere Manager innerhalb des Bankkonzerns. Dazu gehören beispielsweise die Bereiche Human Resources, Chief Risk Officer, General Counsel, Compliance und Operational Risk Control. 15 Direktunterstellte und 23 Mitglieder der Geschäftsleitung – kann man so einen Laden noch effizient führen? Klar ist, dass Iqbal Khan sich das zutraut. Ob er es schafft, ist eine andere Frage. Eine halb so grosse Geschäftsleitung und halb so viele direkte Unterstellte würden jedenfalls eher typischen Führungsgrundsätzen entsprechen. Zudem kosten 23 Manager auf dieser Hierarchiestufe enorm viel Geld. An Schluss müssen die Zahlen stimmen. UBS-Präsident Colm Kelleher und CEO Sergio Ermotti interessiert vor allem eines: Ob die neue Riesenabteilung mit rund 3500 Milliarden Dollar verwalteten Vermögen genügend Vorsteuergewinn in die Kassen spülen wird.
Das Memo von Iqbal Khan
Becoming the global wealth powerhouse
Moving forward with confidence and pride – together
Dear Colleagues,
With clients at the heart of every decision we make and a strong culture of transparency, partnership, meritocracy and best-in-class risk and compliance, today marks the start of an exciting new chapter.
I want to welcome our new Credit Suisse colleagues to Global Wealth Management and share with all of you my confidence and pride in our future.
Together, we have the opportunity to create a uniquely competitive value proposition for clients. We will have combined market leadership in Asia Pacific, Europe, Latin America, and the Middle East, and the power to rival the biggest players in the US market. And globally, we will have access to a broader set of wealth management, asset management and investment banking capabilities in order to deliver even more for our clients around the world.
Thank you,
Iqbal
______________________________________________
Our GWM leadership team
I’m pleased to share a number of new or expanded responsibilities on the GWM leadership team, with individuals from both UBS and Credit Suisse assuming key roles. All appointments below are effective immediately, except where otherwise noted.
Credit Suisse Wealth Management: Yves-Alain Sommerhalder will be Head of Wealth Management for Credit Suisse reporting to me and Ulrich Koerner. Yves-Alain held a range of senior, client-facing roles at Credit Suisse in Zurich and Hong Kong before leaving the firm in October last year. Members of the current Credit Suisse WM leadership team will report to both Yves-Alain and to their respective UBS GWM regional or functional head. Reporting lines and governance for all other CS WM staff remain unchanged.
Francesco De Ferrari will remain as a senior advisor to me and our combined leadership team and will ensure a seamless transition. I’d like to sincerely thank Francesco for his outstanding contributions to date. All CS WM staff currently reporting into Francesco will report into Yves-Alain until further notice.
GWM Integration: Yves-Alain and GWM COO Wiwi Gutmannsbauer will jointly lead GWM’s dedicated integration team. They will partner with the heads of our regional BUs and global capability teams to ensure we deliver the best of our combined organization to clients as quickly and seamlessly as possible.
GWM APAC: Amy Lo will remain Co-Head GWM APAC with primary responsibility for Hong Kong, North Asia and Greater China, including onshore entities. In addition, Amy will newly serve as Chairman of GWM Asia, focusing on key client coverage, strategic growth opportunities and regulatory management in APAC. As we continue to strengthen our presence in Asia, Amy will be leading our engagement with many of our most important stakeholders and ensuring progress on our regional growth ambitions, in line with GWM’s overall strategy.
Jin Yee Young will join UBS, effective 29 June, as Co-Head GWM APAC with primary responsibility for Singapore and Southeast Asia, including onshore entities. Jin Yee was most recently Head of International Private Banking for Asia Pacific at Deutsche Bank, which she joined in January of this year. I’m pleased to welcome her to the combined team after she previously spent nearly two decades at Credit Suisse, including serving as Deputy Head of Wealth Management APAC, Head of Wealth Management Singapore, Deputy CEO Singapore, and CEO of the SymAsia Foundation. Benjamin Cavalli and August Hatecke, who will each be taking on new roles on the leadership team (see below), will work closely with Amy and Jin Yee to ensure a smooth transition for our clients and our teams.
GWM Strategic Clients: Benjamin Cavalli will be the head of this global team, effective 3 July. Benjamin will focus on enabling and delivering on our promise to our strategic clients globally, working in partnership with our regional business leaders and supported by senior client coverage teams (regional vice chairs and strategic client partners). Based in Singapore, Benjamin will drive our broader client engagement and business development, including our UHNW Solutions offering, Global Partnerships, Chief Marketing Office, Communities and Strategic Client Segments. Benjamin will act as my deputy on critical client situations and be part of the GWM leadership team.
As previously announced, GWM Executive Vice Chairman Joe Stadler will be retiring later this year. Joe will work closely with Benjamin to ensure uninterrupted senior coverage of our most important client relationships. I want to again express my personal thanks to Joe for his unwavering commitment to UBS and our clients.
GWM Switzerland: August Hatecke will lead the UBS GWM Switzerland business, including Global Financial Intermediaries. Anton Simonet will become Regional Vice Chairman Switzerland, supporting clients in UBS Region Switzerland across all segments. He will report to UBS President Switzerland Sabine Keller-Busse. These appointments are effective 3 July, and August and Anton are already working on a seamless handover. It’s important to note that UBS continues to carefully examine all options for Credit Suisse’s Swiss business (which includes Premium Clients Switzerland and Global EAM) and no decisions have yet been made.
GWM EMEA and PBI: Christl Novakovic will lead GWM Europe, Middle East and Africa (EMEA) and CS Private Banking International (PBI). Ali Janoudi will report into Christl and to Bea Martin, UBS President EMEA.
GWM Chief Financial Officer: Kinner Lakhani
will lead Finance for our combined business, having most recently served as Head of Group Strategy and Development and Head of Investor Relations at Credit Suisse.
In addition to the above, the following individuals will continue as members of the GWM leadership team in their current roles.
GWM Americas: Jason Chandler (including responsibility for Latin America)
GWM Chief Investment Officer: Mark Haefele
GWM Mandates and Investment Content: Bruno Marxer x (reporting to Mark Haefele)
GWM Chief Operating Officer: Wiwi Gutmannsbauer
GWM Business Risk: Bernhard Buchs
GWM Global Lending Unit: Remi Mennesson
GWM Banking Americas: Michael Blum
GWM Global Family & Institutional Wealth: George Athanasopoulos
GWM Unified Global Markets: Patrick Grob x (reporting to George Athanasopoulos)
GWM Chief of Staff: Alice Page
GWM Human Resources: Andrea Saxer
GWM Chief Risk Office: Sven Stucki and Penny Tsekouras
GWM General Counsel: Karen Yen
GWM Compliance and Operational Risk Control (C&ORC): Jonathan Shih
Becoming the global wealth powerhouse
Moving forward with confidence and pride – together
Dear Colleagues,
With clients at the heart of every decision we make and a strong culture of transparency, partnership, meritocracy and best-in-class risk and compliance, today marks the start of an exciting new chapter.
I want to welcome our new Credit Suisse colleagues to Global Wealth Management and share with all of you my confidence and pride in our future.
Together, we have the opportunity to create a uniquely competitive value proposition for clients. We will have combined market leadership in Asia Pacific, Europe, Latin America, and the Middle East, and the power to rival the biggest players in the US market. And globally, we will have access to a broader set of wealth management, asset management and investment banking capabilities in order to deliver even more for our clients around the world.
Thank you,
Iqbal
______________________________________________
Our GWM leadership team
I’m pleased to share a number of new or expanded responsibilities on the GWM leadership team, with individuals from both UBS and Credit Suisse assuming key roles. All appointments below are effective immediately, except where otherwise noted.
Credit Suisse Wealth Management: Yves-Alain Sommerhalder will be Head of Wealth Management for Credit Suisse reporting to me and Ulrich Koerner. Yves-Alain held a range of senior, client-facing roles at Credit Suisse in Zurich and Hong Kong before leaving the firm in October last year. Members of the current Credit Suisse WM leadership team will report to both Yves-Alain and to their respective UBS GWM regional or functional head. Reporting lines and governance for all other CS WM staff remain unchanged.
Francesco De Ferrari will remain as a senior advisor to me and our combined leadership team and will ensure a seamless transition. I’d like to sincerely thank Francesco for his outstanding contributions to date. All CS WM staff currently reporting into Francesco will report into Yves-Alain until further notice.
GWM Integration: Yves-Alain and GWM COO Wiwi Gutmannsbauer will jointly lead GWM’s dedicated integration team. They will partner with the heads of our regional BUs and global capability teams to ensure we deliver the best of our combined organization to clients as quickly and seamlessly as possible.
GWM APAC: Amy Lo will remain Co-Head GWM APAC with primary responsibility for Hong Kong, North Asia and Greater China, including onshore entities. In addition, Amy will newly serve as Chairman of GWM Asia, focusing on key client coverage, strategic growth opportunities and regulatory management in APAC. As we continue to strengthen our presence in Asia, Amy will be leading our engagement with many of our most important stakeholders and ensuring progress on our regional growth ambitions, in line with GWM’s overall strategy.
Jin Yee Young will join UBS, effective 29 June, as Co-Head GWM APAC with primary responsibility for Singapore and Southeast Asia, including onshore entities. Jin Yee was most recently Head of International Private Banking for Asia Pacific at Deutsche Bank, which she joined in January of this year. I’m pleased to welcome her to the combined team after she previously spent nearly two decades at Credit Suisse, including serving as Deputy Head of Wealth Management APAC, Head of Wealth Management Singapore, Deputy CEO Singapore, and CEO of the SymAsia Foundation. Benjamin Cavalli and August Hatecke, who will each be taking on new roles on the leadership team (see below), will work closely with Amy and Jin Yee to ensure a smooth transition for our clients and our teams.
GWM Strategic Clients: Benjamin Cavalli will be the head of this global team, effective 3 July. Benjamin will focus on enabling and delivering on our promise to our strategic clients globally, working in partnership with our regional business leaders and supported by senior client coverage teams (regional vice chairs and strategic client partners). Based in Singapore, Benjamin will drive our broader client engagement and business development, including our UHNW Solutions offering, Global Partnerships, Chief Marketing Office, Communities and Strategic Client Segments. Benjamin will act as my deputy on critical client situations and be part of the GWM leadership team.
As previously announced, GWM Executive Vice Chairman Joe Stadler will be retiring later this year. Joe will work closely with Benjamin to ensure uninterrupted senior coverage of our most important client relationships. I want to again express my personal thanks to Joe for his unwavering commitment to UBS and our clients.
GWM Switzerland: August Hatecke will lead the UBS GWM Switzerland business, including Global Financial Intermediaries. Anton Simonet will become Regional Vice Chairman Switzerland, supporting clients in UBS Region Switzerland across all segments. He will report to UBS President Switzerland Sabine Keller-Busse. These appointments are effective 3 July, and August and Anton are already working on a seamless handover. It’s important to note that UBS continues to carefully examine all options for Credit Suisse’s Swiss business (which includes Premium Clients Switzerland and Global EAM) and no decisions have yet been made.
GWM EMEA and PBI: Christl Novakovic will lead GWM Europe, Middle East and Africa (EMEA) and CS Private Banking International (PBI). Ali Janoudi will report into Christl and to Bea Martin, UBS President EMEA.
GWM Chief Financial Officer: Kinner Lakhani
will lead Finance for our combined business, having most recently served as Head of Group Strategy and Development and Head of Investor Relations at Credit Suisse.
In addition to the above, the following individuals will continue as members of the GWM leadership team in their current roles.
GWM Americas: Jason Chandler (including responsibility for Latin America)
GWM Chief Investment Officer: Mark Haefele
GWM Mandates and Investment Content: Bruno Marxer x (reporting to Mark Haefele)
GWM Chief Operating Officer: Wiwi Gutmannsbauer
GWM Business Risk: Bernhard Buchs
GWM Global Lending Unit: Remi Mennesson
GWM Banking Americas: Michael Blum
GWM Global Family & Institutional Wealth: George Athanasopoulos
GWM Unified Global Markets: Patrick Grob x (reporting to George Athanasopoulos)
GWM Chief of Staff: Alice Page
GWM Human Resources: Andrea Saxer
GWM Chief Risk Office: Sven Stucki and Penny Tsekouras
GWM General Counsel: Karen Yen
GWM Compliance and Operational Risk Control (C&ORC): Jonathan Shih
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