UBS Replaces Veteran Intermediaries Head

The Swiss wealth manager is replacing the head of its business with financial intermediaries, after a 40-year veteran of the bank retires.

Zurich-based UBS is appointing Thomas Frauenlob as the head of its business with other financial institutions such as independent asset managers, effective October 1, according to a memo seen by finews.com. The Swiss banker replaces Stefano Veri, who has overseen the so-called FIM business globally since 2015 and is retiring.

Veri is uniquely heavyweight: he is a 40-year veteran of UBS’ private bank and part of a cadre of elite managing directors. A UBS spokesman confirmed the Ticino native’s retirement. Late last year, Veri was forced to postpone a push in Miami with intermediaries which is led by Mariana Gregori, who is responsible for international business.

Frauenlob, Veri’s successor, is a former equities banker who moved into the wealth arm in 2016 when he was tasked with UBS’ business with Switzerland’s wealthy and family offices. The role was reduced to family office responsibilities in a restructuring 20 months ago. Frauenlob will be replaced by Josef «Joe» Stadler in this role, a spokesman said.

In the wider FIM team, Andreas Moser last September replaced Severin Rupp in overseeing institutional intermediaries. Rupp defected to Vontobel, where he runs business with external asset managers.

UBS’ remaining FIM management team besides Gregori is Claudio Scarfone for Switzerland, Beat Bachmann for Europe, and Hugo Kattendijke for Asia-Pacific.

Frauenlob, who moves to the FIM business on Wednesday before taking over fully in October, will report to Anton Simonet, UBS head of wealth management in Switzerland as well as the FIM business, and to Iqbal Khan, who co-runs the wider wealth management unit together with Tom Naratil.