The Swiss bank's new top European private banker is setting her sights on Russian millionaires – with the goal of doubling UBS' business with them.
UBS wants to double assets and revenue from wealthy clientele in Russia and central and eastern Europe by 2025, top executive Caroline Kuhnert told «Reuters». Kuhnert took over UBS' business with the wealthy Central and Eastern Europe in a January restructure of the unit by co-heads Iqbal Khan and Tom Naratil.
A 23-year veteran of UBS, Kuhnert said she is targeting wealthy clientele in the $5 million to $100 million segment in particular. «We want to be not only a very well recognized franchise, but we want to be the most profitable franchise (in eastern Europe),» she noted.
Russian Boost
Teams in Moscow but also offshore in London, Monaco, Singapore, and Switzerland cater to the region's wealthy. A strong showing from Russia early in 2020 fed revenue as well as net new money, she said.
Kuhnert underpinned her ambitions in the region with personnel changes: she poached top J.P. Morgan private banker Elena Griffin and promoted Ekaterina Lehmann, a 15-year veteran of UBS, as head of its private bank in Russia and the CIS states, as finews.com reported.
