ZURICH (Reuters) - Swiss bank UBS (UBSG.S) is further reorganizing its wealth management businesses in European and emerging markets to simplify its structure, according to a memo seen by Reuters on Monday.
As part of the restructure, UBS Europe SE, its Frankfurt-based bank, will now house all its European onshore wealth management businesses.
UBS set up Europe SE in December to consolidate most of its European wealth management operations but some countries such as France were not included.
A UBS spokesman confirmed the contents of the memo, which was sent to staff by Paul Raphael, UBS’s wealth management head for Europe and emerging markets. UBS’s emerging markets business does not include Asia Pacific.
The restructure was reported earlier by Bloomberg.
UBS, which is the world’s biggest private bank by assets, will also consolidate its cross-border business in Europe and emerging markets into three booking hubs in Switzerland, Europe SE and Britain.
Raphael also outlined a raft of management changes, including a replacement for its UK wealth management head, Jamie Broderick.
“As Jamie has informed us of his wish to retire at the end of the year, I take this opportunity to announce that Eva Lindholm will succeed Jamie as Head of WM UK as of October 1,” the memo said.
Reporting by Joshua Franklin and Oliver Hirt; Editing by Susan Fenton