UBS is setting up a new Swiss pension fund unit, in a bid to win more business from clients saving privately for retirement. It is tasking a well-known economist to run it.
The Zurich-based wealth manager is tasking Veronica Weisser with a new unit dubbed pension and retirement solutions in Switzerland, from March, according to a memo seen by finews.com. She is currently a high-ranking economist in UBS' investment office – and also one of the Swiss bank's top female executives.
«We intend to take advantage of the growth rates in the Swiss market and strategically expand our position,» Swiss operating chief Karin Oertli said in the memo, which is co-signed by Susanne Ziegler-Cremer, head of Swiss banking products, and by Swiss chief economist Daniel Kalt.
UBS is responding to decade-long low or even negative interest rates, which have weakened state pension provisioning. As a result, more people are looking at privately stowing money for retirement – and the Swiss bank wants a big piece of the potential business.
Unifying Pension Activities
The unit led by Weisser will unify pension services, currently in the banking products team, oversee management of occupational and private pension funds in Switzerland – so-called second- and third-pillar schemes, as well as include other elements like product and advisory management on retirement funds.
In effect, the group will be responsible for all domestic pension products and topics, and it will also coordinate marketing and digital sales activities. Current pension services head Nils Aggett will support Weisser, according to the announcement. Weisser is a PhD economist and nearly 14-year veteran of the Swiss bank.
