UBS' top banker for the ultra-wealthy in Asia is leaving, finews.com has learned. The move follows a new set-up for the Swiss bank's efforts with the super-rich under new private banking co-head Iqbal Khan.

UBS’ head of ultra-high net worth clients in Asia, Ravi Raju, is resigning, a person familiar with the move told finews.com. The exit of Raju comes as the Swiss wealth giant retools its business in the $50 million-and-higher segment, as finews.com reported earlier on Monday.

His resignation comes less than three months after Iqbal Khan took over the wider private bank, together with Tom Naratil. Raju, one of the best-known bankers in Asia, was Deutsche Bank's top asset and wealth manager in the region before joining UBS nearly three years ago. 

Wider Shuffle

UBS is whittling its ultra-high net worth business, dispersing some of its super-rich and family office clients back into the regions. Current unit head Josef «Joe» Stadler will maintain a percentage of the total clients and take over an as-yet-unnamed new unit.

«The reorganization has come as a bit of a shock,» says one employee of the Swiss bank in Asia. Neither UBS or Raju commented on the reason for his departure, although industry sources indicate it is not for another role.