UBS’ Top Private Bank Strategist Advances

A top adviser to UBS private bank co-head Iqbal Khan won a major promotion as part of a shake-up of the Swiss bank’s strategy and corporate development team.

Zurich-based UBS is tasking Christian Zeinler with group strategy, from February 1, according to a memorandum. Zeinler is head of strategy and business development at UBS’ flagship $2.6 trillion wealth management arm – a job he will retain – as well as chief of staff to Iqbal Khan, who co-runs the unit.

The change was set into motion by the departure of Michael Bonacker, who had held the top strategy job since 2017, and will leave by mid-year. Bonacker, an ex-McKinsey partner who held top roles at Deutsche Bank, Lehman Brothers, and Commerzbank before joining UBS, was instrumental in the Swiss bank’s strategy reviews since 2017.

After Bonacker departs, UBS’ mergers and acquisitions chief, Malte Schwaner, will oversee corporate development, which will include M&A, equity investments, and benchmarking activities. Schwaner and Richard Barrett, who oversees UBS performance assessment and analytics, will report financing chief Kirt Gardner.

The changes are also in connection to the advancement of Sabine Keller-Busse to the top Swiss job, Gardner said in the memo. The 60-year-old finance chief also poached from Morgan Stanley last month for a key finance role.