UBS is creating a new management level in Europe's largest wealth management market which should ease the burden on the country head who wears many hats.
UBS Germany appoints Philipp Neuhofen as head of its millionaire and affluent clients (HNW and Affluent) business and will head its offices in Frankfurt, Munich, Hamburg, Berlin, Duesseldorf, and Stuttgart as reported by «Private Banking Magazin» (in German).
Support for Tobias Vogel
In the newly created management level, Neuhofen will support UBS Germany boss Tobias Vogel, who was appointed last June as the head of UBS's European bank in Frankfurt. The move is in connection with the integration of Credit Suisse's business in Europe.
Vogel is responsible for German, French, and Italian wealth management as well as the investment banking division of UBS Europe.
Neuhofen has been with UBS since 2015 and was most recently responsible for the financial intermediaries business in Germany. It's not yet known who will replace him in this post.
Successful Segmentation
Under Christine Novakovic, responsible for UBS's private banking activities in Europe, asset management in Germany has been structured and in part standardized according to the client group. Special offers for millionaire and affluent clients have been created, and it's considered an open secret the Swiss bank's clientele in Germany was recruited primarily from these two groups.
The segmentation has had some success, with UBS back in the black after a string of annual losses.
