UBS Wealth Americas Shifts Management Roles
UBS Wealth Management Americas on Monday shook up its management ranks, moving managed account product head Paul Hatch to run its Northeast sales division and also serve as chairman of its U.S. private bank.
Jason Chandler, who formerly had those roles, has shifted to run a revamped product role that will work more closely with UBS’s international wealth businesses in negotiating distribution deals with asset management firms.
The changes were announced in memos to UBS Wealth America’s brokers from Americas President Tom Naratil and UBS AG’s global head of wealth management, Jürg Zeltner. As part of the restructuring, Hatch’s “Advice & Solutions” group was renamed Global Investment Platform and Solutions under the co-leadership of Chandler and Christian Wiesendanger, head of the bank’s Swiss wealth management group.
The move is a “great opportunity for Jason to bring his deep knowledge of client needs and preferences” to a more collaborative role,” Naratil wrote.
Before taking the reins of the U.S. business, Naratil had been chief financial officer of the parent company. Nominating Chandler to a more global role could indicate that he is being groomed for broader responsibilities, according to some insiders who spoke on condition of anonymity.
Under the new structure, Chandler reports directly to Naratil. Hatch—an energetic sales veteran of the brokerage and product world—will shift his reporting line to Brian Hull, who oversees UBS’s roughly 7,000 “client advisory group” brokers.
Though Hatch was focused on the profit-sensitive sphere of negotiating deals with fund companies and other asset managers, he has been closely involved in UBS Wealth Americas’ efforts to prod brokers to work together in multi-service teams serving high-asset clients.
The new GIPS group that Chandler is co-running has expanded to include the U.S. business’s advisory, strategic planning and business execution divisions, according to the memo.
In other changes in the U.S. wealth business, structured solutions head Eric Glicksman and alternative investments boss Jerry Pascucci will report directly to Chandler. Greg Toskos, who was head of “field partnerships” across the U.S. product spectrum has been rechristened head of strategic partnerships reporting to Hull, with a dotted-line charge to Chandler.
The reorganization was reported earlier Monday by Citywire.