UBS is promoting one of its top German private bankers in the wake of several high-level exits in the country.

The Swiss bank is appointing Marcus Stollenwerk as market head for German wealth management, effectively immediately, a spokeswoman for UBS confirmed. Stollenwerk's promotion follows the exit of onshore head Barbara Rupf-Bee in Germany after less than two years in the job, as well as that of German boss Thomas Rodermann, who also built up a European platform.

Stollenwerk, who has been head of ultra-rich German domestic clients for the last two and a half years, will add the affluent and high-net worth segments to his job, effectively replacing Rupf-Bee. He is a former Goldman Sachs investment banker who joined UBS in 2011, when the wealth manager was still recovering from the 2008-09 financial crisis.

«Europe SE» Gains

UBS lauded Stollenwerk for propelling the ultra-rich arm in Germany one of the most successful in Europe, the Middle East, and Africa in terms of revenue and assets, in a memo seen by finews.com. 

Germany is a key market for UBS: it is one of the largest wealth markets in Europe, but the Swiss bank only recently reversed losses in the country. Its EU bank, UBS Europe SE, was set up in 2016 and will eventually allow the Swiss company to relinquish 11 other costly banking licenses it maintains in the bloc.