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Swiss banking institution UBS has formed a new unit within its Global Wealth Management (GWM) division, with a former executive from Credit Suisse appointed to lead the initiative.
An internal communication issued by GWM co-heads Iqbal Khan and Rob Karofsky confirmed the organisational changes, which have also been verified by a spokesperson for the bank.
Benjamin Cavalli, who is currently the head of strategic clients, will take charge of the newly established unit, named "Strategic Clients and Global Connectivity," starting on 1 July 2025.
Cavalli will continue to report to Khan and Karofsky and will remain part of the GWM management team.
In addition, the GWM executive chairs and the global financial sponsors team will report to him.
His responsibilities will include enhancing global connectivity for clients who can benefit from it, collaborating with various business areas and functions, as stated by the bank.
Prior to UBS's acquisition of Credit Suisse, Cavalli held the position of Asia-Pacific head of private banking at the latter institution.
As part of the restructuring, the ultra high net worth (UHNW) solutions group, which is currently part of strategic clients, will transition to GWM Solutions.
Meanwhile, the strategic client coverage and next generation solutions teams will be integrated into Cavalli's new unit.
UBS anticipates that these changes will bolster its UHNW offerings and foster improved regional collaboration for the benefit of clients, with additional details to be provided in the future.
Earlier this month, UBS partnered with General Atlantic to enhance private credit opportunities. This collaboration aims to offer investing clients and borrowers a broader array of direct lending and credit options.
"UBS rejigs wealth management unit" was originally created and published by Private Banker International, a GlobalData owned brand.
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