The U.S. brokerage in a sense resembles the Swiss affluent business. Advisers accept clients starting from $100,000 and this different approach had a strong influence on how the business developed in the U.S. People at the bank say that assets of average clients have improved over the years, but the company doesn't report the figures.
UBS is already doing a fair bit to attract the American rich. Not least through philanthropic exploits, for instance by inviting billionaires to a meeting at an organic farm. Now, a female banker is set to join the company, who knows the clientele very well. Jolyne Caruso-FitzGerald (pictured left) was appointed to the rank of divisional vice chair in global wealth management. The U.S. banker, 59, used to work for Lehman Brothers and J.P. Morgan and most recently had her own investment boutique, Alberleen. The boutique catered for very rich clients, a business segment that Caruso-FitzGerald will work with at UBS too.
«Joe» Has His Say
The billionaires are the target of Naratil, but also his colleague at the global UHNWI business of UBS, Josef «Joe» Stadler (pictured below). Since the merger of the wealth management units, Stadler is also in charge of the UHNWI advisers in the U.S. John Mathews is the head of this unit and reports to him. Stadler is known to compete for the attractive clientele with the regional heads.
Stadler and Mathews announced the signing of Caruso-FitzGerald to members of staff and the veteran banker will report to the two top executives.
The competing colleagues exposes a dilemma for the management if it serious with its bid to kindle growth in the U.S. The bank is restructuring and launching growth programs and also wants to get teams to work across the divisions. But the wealth management business as it stands knows a thing or two about rivalries.
Doing Well Where It Counts
The rivalries also are to be found on a higher level, with U.S. head Naratil sharing the management of the Global Wealth Management division with Martin Blessing. Both bankers are said to be candidates to succeed Ermotti one day and both have an interest to do well in their respective areas.
But their boss, Ermotti, also has an interest in doing well. After the criticism about the share price of the bank and the refusal of shareholders to back the management in a vote of confidence, Ermotti presumably is tad less certain to remain the course of the contract. All the more he needs a successful business to shore confidence up. And without the U.S., the megadivision want be able to take off for real.
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