UBS has put its business with independent wealth managers in Switzerland into the hands of a new manager. The team has undergone a major reshuffle, information obtained by finews.com revealed.
Claudio Scarfone is the new head of the financial intermediaries’ business (FIM) in Switzerland at UBS. When his predecessor, Stephan Matti, left in August after 26 years with the bank, Scarfone had already taken over in an ad interim capacity.
The bank confirmed Scarfone’s appointment as permanent head of the Swiss business with independent financial intermediaries. Scarfone previously was in charge of the Ticino region and emerging markets.
New Growth Targets
Matti had been in the team for seven years, initially as head of German-speaking clients in Switzerland and, starting in 2015, responsible for Switzerland as a whole. Matti’s boss, Stefano Veri (pictured below), said that the Swiss business was in fantastic shape.
Veri has been in charge of financial intermediaries globally for the past five years and now has announced a series of changes that will affect his business. In a letter to his staff seen by finews.com, Veri announced the changes that will help the business reach further, ambitious growth targets.
Focus on Demanding Clients
His hopes rest on FIM institutional in particular, where UBS is working with clients that have complex needs, including the big family offices. The business so far was part of the Swiss unit. Starting in October, the head of this group, Severin Rupp, will report directly to Veri. Veri told finews.com that he had given the segment a boost because it was the one with the fastest growth rate and the most demanding customers.
Further changes will affect FIM International. Veri appointed Mariana Gregori as head of this unit. Gregori is also chief of staff for the entire FIM business and responsible for Latin America strategy. The region has so far been managed from Hamburg and Geneva. Veri has now decided to move the business plus the FIM Zurich International under the guidance of FIM International.
Consolidation to Provide Growth Impetus
Alessandro Cavo, the manager of the French-speaking business in Switzerland, remains in charge of the unit but will report to Scarfone henceforth. The Swiss FIM business remains the most profitable but is seeing little growth due to structural reasons.
Veri expects to achieve further growth as a consequence of ongoing consolidation in the wider banking industry. Some smaller banks may be giving back their license due to cost reasons and will likely continue serving their clients as independent wealth managers, he said. This would offer UBS the opportunity to grow as a provider of services.
The group managing director didn’t specify his exact growth targets and the sized of the FIM business in total. Assets under management measure well in the three digits, making UBS the global market leader.
The structure of FIM:
Head: Stefano Veri
Switzerland: Claudio Scarfone
Europe: Beat Bachmann
Asia-Pacific: Hugo Kattendijke
International: Mariana Gregori
Institutional: Severin Rupp
