UBS Shakes Up Wealth Management Business, Hires JPMorgan Executive
UBS, one of the world’s largest wealth management companies, is making significant changes to its business strategy, with a focus on enhancing its banking services for ultrawealthy clients. The Swiss bank recently announced the hiring of Michael Camacho, a former JPMorgan Chase executive, to lead its U.S. wealth unit. This move, along with other organizational changes, underscores UBS’s commitment to delivering a wide range of products and services to its advisors and clients.
Camacho, who will join UBS in September, brings a wealth of experience in wealth management and investment solutions, having previously served as CEO of wealth solutions at JPMorgan. His appointment is expected to further strengthen UBS’s position in the wealth management industry.
In addition to Camacho’s hiring, UBS is creating a new business unit, Global Wealth Management Solutions, aimed at better serving its advisors and clients. This unit will house various business divisions, including investment management, global markets, lending, and family and institutional wealth. Yves-Alain Sommerhalder, who currently leads UBS’s Global Family & Institutional Wealth unit, will head the new unit.
Furthermore, UBS plans to launch a new alternative investments business that combines its wealth management and asset management units’ manager selection franchises. The company also intends to enhance its banking capabilities for its wealth management unit, recognizing this area as a growth opportunity.
These changes come on the heels of UBS’s acquisition of former rival Credit Suisse last year, which strengthened its position in the wealth management industry. The combined company now oversees more than $4 trillion in assets and has a significant presence in non-U.S. markets.
Overall, UBS’s strategic moves reflect its commitment to providing comprehensive financial services to its clients and advisors. With a focus on banking services, alternative investments, and improved capabilities, UBS is positioning itself for continued success in the competitive wealth management landscape.
