UBS’ is restructuring its private bank in Asia, including making changes to regional management. It is the second major move to be made since the Swiss bank's newest hire, Iqbal Khan, joined four months ago.
It is the first chance that UBS' new co-head of wealth management, Iqbal Khan, has to sink his teeth into an Asian private banking operation: the ex-Credit Suisse wealth star and co-head Tom Naratil are restructuring the Swiss bank's highest-growth region. The goal is to slash spending and streamline decision-making in order to become faster.
The Zurich-based bank appointed LH Koh, head of the China business, as the Asia-Pacific co-head of the global family office, alongside the current head of the unit, Anurag Mahesh, according to a report by «Bloomberg». The family office practice is the cornerstone of UBS' business with the super-rich – which was restructured last week.
Local Revamp
The other main change is to the role of David Man, a UBS veteran credited with building a sizable international wealth business in Taiwan. Man is being appointed vice-chairman for China, Hong Kong, and Taiwan. The title is traditionally absent of operational responsibility, and largely symbolic.
In parallel, the Swiss firm's private banks in Hong Kong and Singapore are splitting up the region into sectors. The bank is naming Adeline Chien, sector head for Hong Kong (domestic) and Southeast Asia (Hong Kong); Marina Lui, sector head for China (international and domestic teams); and Francis Liu, sector head for Taiwan (international).
UBS Job Cuts?
UBS also is naming Patricia Quek sector head for Singapore and Malaysia; Tian-Ong Foo, sector head for Thailand and the Philippines; and Raymond Ang, sector head for Indonesia, China, Hong Kong, and Taiwan (Singapore) and Japan (international).
All the executives will report to Amy Lo and August Hatecke, co-heads of UBS' wealth business in the region. The Asia revamp follows a wider one for the unit, unveiled last week, which delegates far more say-so to local operations. It is widely expected to result in considerable job cuts, which UBS hasn't yet detailed.
