UBS has quietly integrated the ambitious, standalone program into its various regions. As a result, Unique head Olga Miler is out of a role, two sources familiar with the situation told finews.com. Miler, a managing director who remains employed with the bank but effectively out of a job, declined to comment, as did UBS.
UBS Claims Success
UBS confirmed that Unique folded following the January merger of its private bank, but insists the move is because of the program’s success.
«We’re reinforcing our efforts until now as well as the future use of resources globally», a spokeswoman for UBS said. The bank will continue to focus on this «very important» client segment, in particular on targeted advice-giving, developing its product suite, and specific research.
Folding the high-profile program is one of a host of changes at UBS’ private bank since February, when a merger between its U.S.-based brokerage and its wider private bank for the wealthy came into force.
Gender Equality ETF
The bank pointed to successes from Unique including an exchange-traded gender equality fund launched in January which had achieved «very good performance» in terms of hiking managed assets. Harvey, the private banker who served as the public face of Unique, pointed out last year, that «banks have been notoriously bad at serving women so far and that what’s we’re committed to change.»
Since the program was dispersed recently, Harvey has gone back to her day job as head of ultra-high net worth in Germany, Austria, and Italy.
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