UBS asset management leadership gets a refresh

investmentnews.com:

UBS Group AG’s new head of asset management reshuffled the unit’s leadership, the latest overhaul at the bank as it integrates Credit Suisse. 

The leadership changes come alongside a push to streamline the division’s product offering and reduce its cost base, head of asset management Aleksandar Ivanovic said in an internal memo to staff that was seen by Bloomberg. He said 2024 would be a “critical year” for the integration of Credit Suisse into the business. 

Whilst UBS has laid out a clear plan and strategy for its wealth management and investment bank divisions as well as for the Swiss business, asset management has previously been less in focus. Ivanovic said he would provide more details on his plans for the business at a townhall later this month.

Ivanovic, who was recently appointed following the departure of Suni Harford, said that while industry fund flows are starting to rebound, significant headwinds remain. 

“We are also yet to see the full impact of integration on our flows and revenue run rate as we consolidate our product offering and clients continue to assess our progress,” he said in the memo. 

Leadership positions detailed in the memo include:

Appointment of staff from group functions who will also be part of the asset management team include:

A number of managing directors will leave the firm following the revamp:

A spokesperson for UBS declined to comment.