October 2, 2022


Enduring Values

UBS appoints Iqbal Khan as sole head of wealth management unit

UBS has appointed Iqbal Khan as the sole head of its flagship wealth administration division in a management reshuffle that strengthens his probabilities of using around as chief govt of the Swiss bank in the future.

Tom Naratil, who was previously co-head of the division alongside Khan and led the bank’s Americas device, will go away UBS immediately after 39 yrs. Naratil was 1 of the architects of the lender’s selection to spend closely in prosperity administration while placing fewer emphasis on expense banking.

In addition, Naureen Hassan will sign up for as president of UBS Americas from the Federal Reserve Bank of New York, the place she was 1st vice-president and chief running officer. Jason Chandler will go on as head of US wealth administration but will report to Khan.

UBS main government Ralph Hamers congratulated Khan on “his expanded role” and reported he was “delighted” to welcome Hassan to the bank. Hamers also thanked Naratil for his “significant contributions” about the earlier four a long time.

The management variations cement Khan’s track record as 1 of the most effective Swiss bankers of his technology. The 46-yr-previous has risen to the prime of the field over the previous decade, although at one particular stage his speedy ascent appeared to be beneath threat following a bruising row with his erstwhile manager, previous Credit score Suisse main govt Tidjane Thiam.

Khan joined UBS in 2019, acquiring remaining arch rival Credit rating Suisse under a cloud of acrimony following it emerged that the lender experienced authorised a surveillance programme of him and his loved ones adhering to the feud with Thiam.

The scurrilous facts of the clash between two of the most senior figures in Swiss banking — which include a row around their neighbouring luxury homes on the “gold coast” of Lake Zurich — transfixed the country’s normally staid economical local community.

Eventually, various months just after Khan’s resignation from Credit Suisse, the scandal toppled Thiam.

In his new function, Khan is positioned as a primary contender to a person working day take over from Hamers, who became main executive of UBS just under two many years in the past.

In an internal memo viewed by the Money Instances, Khan and Naratil advised employees that “leadership transitions can normally prompt thoughts about the future” but explained the bank’s senior administration remained “completely committed” to the world prosperity administration technique.

“Our business has under no circumstances been in superior condition, and with our ambitious expansion method perfectly less than way, the time is suitable to changeover to our future chapter,” Naratil and Khan wrote in the memo.

Khan was credited with driving the fast expansion of Credit Suisse’s prosperity management division, a feat he has repeated at UBS, the most significant loan company to the world’s “super-rich”. Khan will now direct a division that oversees more than $3tn in property.

While UBS has thrived in current many years, Credit history Suisse has been roiled by successive lawful disputes and management missteps, together with the departure of its chair António Horta-Osório subsequent numerous breaches of Switzerland’s Covid-19 quarantine rules.