UBS is making a move to centralise its European wealth management business, planning to run it out of Switzerland as of this coming June, according to a memo seen by Reuters.
Reuters said the memo included a message from the bank’s new head of wealth management for Europe and MENA, Christine Novakovic, discussing how the bank will set up two regional units to help meet varying regulations.
She said: 'The separation between Europe International North and South allows us to take strategic decisions based on market access regulations, which are tighter in southern Europe than in the north.'
According to Reuters, Novakovic will preside over the southern unit on an interim basis, which is set to include Italy, Iberia, France and Benelux.
Sonia Goessi, market head of Germany and Austria for UBS Wealth Management, will oversee the northern unit, which includes Germany, Austria, Britain, the Nordics and the Netherlands.