UBS Group is making organizational changes to its U.S. wealth-management unit as it seeks to lift profitability in a market that's central to its growth plans.
The structure of wealth management in the U.S. will move from having two divisions to four regional units, as well as a team for international clients and an advice center, according to a memo sent to staff by country president Rob Karofsky and Michael Camacho, the head of U.S. wealth management, and seen by Bloomberg.
READ MORE:
UBS is seeking a broader banking license in the U.S., and CEO Sergio Ermotti is making expansion in the U.S. a key part of his strategy beyond the immediate integration of Credit Suisse. The takeover has enlarged UBS's U.S. investment bank, which it plans to use to sign on entrepreneurs and rich individuals as clients for its private banking business.
UBS said it was also expanding the services available to its wealthiest clients, and is setting up an Ultra-High New Worth Plus segment for clients with more than $50 million in assets.
The Wall Street Journal first reported on the organizational changes.
