UBS Group AG made organizational changes to its wealth-management unit in the U.S. as it seeks to lift profitability in a market that’s central for its growth plans.
The structure of wealth advisors in the U.S. will move from two divisions to four regional units, as well as a team for international clients and an advice center, according to a memo sent to staff by country president Rob Karofsky and Michael Camacho, head of U.S. wealth management, and seen by Bloomberg.
UBS is seeking a broader banking license in the U.S., with Chief Executive Officer Sergio Ermotti making expansion in the US a key part of his strategy beyond the immediate integration of Credit Suisse. The takeover has beefed up UBS’ US investment bank, which it plans to use to sign on entrepreneurs and rich individuals as clients for its private banking business.
UBS said it was also expanding the services available to its wealthiest clients, and is creating a new Ultra-High Net Worth Plus segment for clients with assets of more than $50 million.
The Wall Street Journal first reported on the organizational changes.
