Top UBS Banker Departing
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A banking veteran who shaped UBS’s wealth management is leaving. Joe Stadler is leaving UBS at the end of 2023 for retirement, citing anonymous sources.
Stadler, the architect of UBS’ family office business and once considered one of the most influential people within the world’s largest private bank, has announced his departure at a time when the business is making a comeback.
The same anonymous source communicated that the business with rich Eastern Europeans, burdened by sanctions against Russia and under Caroline Kuhnert will be integrated into the Europe region led by Christl Novakovic. Kuhnert, however, will remain with the big bank.
Earlier this year, UBS reorganized its global family office division by bringing it into the newly formed global family and institutional wealth (GFIW) unit under George Athanasopoulos, to combine various services including Lombard lending, trading, hedge fund services (prime brokerage) and private market activities.
As part of the revamp, Stadler was appointed executive vice chair to global wealth management (GWM) head Iqbal Khan, effectively sidelining him.
Questions & Answers
Q.What role did Joe Stadler hold at UBS before his departure?
What role did Joe Stadler hold at UBS before his departure?
Joe Stadler was the architect of UBS's family office business and had been appointed executive vice chair to the global wealth management head, Iqbal Khan, earlier this year. He was considered a very influential figure within the private bank.
Q.Which specific business segment is being integrated into the Europe region at UBS?
Which specific business segment is being integrated into the Europe region at UBS?
The business serving wealthy Eastern Europeans, which has been affected by sanctions against Russia and was previously under Caroline Kuhnert, will now be integrated into the broader Europe region led by Christl Novakovic.
Q.How did UBS recently restructure its global family office division?
How did UBS recently restructure its global family office division?
UBS reorganised its global family office division by creating a new global family and institutional wealth (GFIW) unit under George Athanasopoulos. This move combined various services including Lombard lending, trading, and prime brokerage.
Q.Will Caroline Kuhnert remain at UBS following the integration of the Eastern European business?
Will Caroline Kuhnert remain at UBS following the integration of the Eastern European business?
Yes, Caroline Kuhnert will remain with the big bank even after the business with rich Eastern Europeans, which she previously oversaw, is integrated into the Europe region under Christl Novakovic.
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