UBS rejigs structure for emerging market wealth management

Swiss bank UBS is further reorganizing its wealth management businesses in European and emerging markets to simplify its structure, according to a memo seen by Reuters on Monday. As part of the restructure, UBS Europe SE, its Frankfurt-based bank, will now house all its European onshore wealth management businesses. UBS set up Europe SE in December to consolidate most of its European wealth management operations but some countries such as France were not included.
A UBS spokesman confirmed the contents of the memo, which was sent to staff by Paul Raphael, UBS's wealth management head for Europe and emerging markets. UBS, which is the world's biggest private bank by assets, will also consolidate its cross-border business in Europe and emerging markets into three booking hubs in Switzerland, Europe SE and Britain.