UBS Revamps Family Office
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The architect of UBS’ family office business and top banker, Joe Stadler, is stepping aside as the unit gets an overhaul.
UBS is reshuffling its global family office division, which caters to the needs of its wealthiest clients, citing an internal memo.
The prestigious unit will become part of the new global family and institutional wealth (GFIW) unit, which will combine various services including Lombard lending, trading, hedge fund services (prime brokerage) and private market activities. Changes are effective April, the report said.
The new unit will be headed by investment banker George Athanasopoulos, who will report to both investment bank chief Rob Karofsky and the two co-heads of global wealth management (GWM), Iqbal Khan and Tom Naratil.
Athanasopoulos will continue to continue to serve as co-head of UBS trading and will report to both investment bank chief Rob Karofsky.
As executive vice chair in GWM, placed directly under divisional head Khan, Stadler will be responsible for individual clients in the division.
Questions & Answers
Q.What is the new name for UBS's family office division after the overhaul?
What is the new name for UBS's family office division after the overhaul?
The family office division will now be incorporated into the newly formed global family and institutional wealth (GFIW) unit. This change is scheduled to take effect from April.
Q.Which specific services will be combined within the new GFIW unit?
Which specific services will be combined within the new GFIW unit?
The new GFIW unit will integrate several services, including Lombard lending, trading, prime brokerage for hedge funds, and various private market activities. This aims to consolidate offerings for their wealthiest clients.
Q.What will be Joe Stadler’s new role and reporting structure after stepping aside?
What will be Joe Stadler’s new role and reporting structure after stepping aside?
Joe Stadler will assume the position of executive vice chair within Global Wealth Management, reporting directly to divisional head Iqbal Khan. In this capacity, he will oversee individual clients within the division.
Q.To whom will the new head of the GFIW unit, George Athanasopoulos, report?
To whom will the new head of the GFIW unit, George Athanasopoulos, report?
George Athanasopoulos, as head of the GFIW unit, will report to both Investment Bank chief Rob Karofsky and the two co-heads of Global Wealth Management, Iqbal Khan and Tom Naratil.
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