UBS is conducting a reshuffle of its management team in Luxembourg following the takeover of Nordea. Longtime Zurich manager to take over the expanding team in the Duchy.
The Swiss bank has decided to swap heads at its wealth management unit in Luxemburg. Heinrich Baer will take over the leadership from René Mottas, according to an internal UBS memorandum seen by finews.com.
Baer, who has worked for UBS in several capacities for some 40 years, will take up his new post in October, and Mottas will return to Zurich after 7 years in the Benelux countries. Baer most recently led UBS’s affluent & international markets in wealth management.
The reshuffle comes after the takeover of Nordea’s private banking business, with 150 employees, and boosts UBS staff in Luxembourg to more than 600.
