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Growing up in Wealth Management

Ironically, the wealth unit had very few genuine private bankers on its top management until it added Amy Lo and August Hatecke this year. The duo advanced when they took over the unit’s management in Asia in January.

One level higher, Naratil is the only C-suite executive who grew up in wealth management. Asian head Edmund Koh is a more recent convert, and Blessing dabbled in German private client business early in his career at Dresdner, then later at Commerzbank.

Questions of Culture, Leadership

At board level, macroeconomists like former Bundesbanker Axel Weber and Beatrice Weder di Mauro outrank bankers. The arrival of former DBS banker Jeannette Wong last month helps even the score.

Even detractors concede the bank has «great people,» an excellent brand, and a smart strategy. It is legitimate to ask how much weight UBS truly wants to through behind wealth management and whether its investment bank is the right size and set-up to serve it. It also inevitably leads to uncomfortable questions over UBS’ strategy, culture, and leadership for Weber and Ermotti.

Sergio Ermotti Begged

UBS is obviously frustrated too: Chairman Weber devoted considerable airtime to appeasing shareholders at last month’s annual meeting. Weber highlighted that investors were being paid out 76 percent of the wealth manager’s annual profit, while Ermotti begged for patience on the «bumpy» ride, like a high-stakes French criminal trial. It hasn’t been enough: the stock price recently tumbled to a seven-year low of 11.45 Swiss francs.