Another high-profile private banker is leaving UBS’ wealth management arm, finews.com has learned. He is the latest in a series of exits following a merger earlier this year.
Jakob Stott, a vice-chairman in the Swiss bank’s wealth division, is leaving UBS, a source familiar with the matter told finews.com. A spokesman for UBS confirmed the move, effective year-end.
Stott is the latest exit at UBS’ more than 2.3 trillion Swiss franc ($2.32 trillion) private bank following a mega-merger of American brokerage and wider wealth arm in January. Private bank head Juerg Zeltner had already left one month before, and allies like operating chief Dirk Klee and Rene Mottas were passed over in the merger.
The 63-year-old Stott, formerly operating chief of J.P. Morgan’s investment bank in Europe, the Middle East, and Africa, was hired by Zeltner to run UBS’ European arm in 2010. He took the job at a time when UBS flip-flopped between separate and joined on- and offshore presences in many key markets like the U.K. and Germany. He advanced to one of Zeltner’s most powerful allies in the process.
Merger Hurdles
Stott was moved to a vice-chairman role with no explanation and no clear-cut responsibilities two years ago. Last year, Stott stood in for UBS’ investment product and solutions arm until the bank filled the position permanently.
The departure of Stott, who couldn’t be reached by finews.com, is likely an aftereffect of Zeltner’s exit, and not directly tied to the January merger which shook up the unit's top ranks.
The move met with a lukewarm reception, in part because investors and analysts couldn’t entirely pinpoint the rationale behind it. The merger has also hit roadblocks, as finews.com reported last month.
