FILE PHOTO: Iqbal Khan, CEO Worldwide Wealth Administration of Swiss financial institution Credit score Suisse, smiles as he speaks throughout “The Wealth Administration Business – Into the following decade” on the Reuters World Wealth Administration Summit, Park Hyatt lodge, Zurich Switzerland, June 13, 2016. REUTERS/Arnd Wiegmann
ZURICH (Reuters) – UBS (UBSG.S) govt board member Iqbal Khan desires to increase credit score to wealthy purchasers as a technique to develop the Swiss financial institution’s wealth administration enterprise, it was reported on Sunday.
Khan, the previous Credit score Suisse star supervisor who’s now co-head of wealth administration at UBS, stated in a memo to workers he needed to see “fast wins whereas engaged on long-term strategic options,” Sonntagzeitung wrote on Sunday.
“Financing is certainly an space the place we might do extra,” Khan stated within the memo, in line with the newspaper.
“We should make it possible for we not solely hold our rivals at a distance, however we additionally enhance the gap to them,” the manager wrote.
Within the memo to workers, Khan stated he additionally desires to develop UBS’s personal fairness, personal debt, infrastructure and different unspecified asset courses.
The manager, desires to combine extra carefully the actions of UBS’s asset administration enterprise with its funding financial institution, the newspaper reported.
Khan, together with Tom Naratil, the opposite co-head of UBS’s wealth administration enterprise are as a consequence of report again to the financial institution’s CEO Sergio Ermotti throughout December with their plans for the unit.
The memo is likely one of the first indicators of Khan’s plans for the enterprise he joined in October after quitting as head of the worldwide wealth administration enterprise at Credit score Suisse following a feud with Chief Govt Tidjane Thiam.
“Financing is a excessive precedence for our prospects and subsequently additionally for us, however our threat urge for food and threat limits don’t change because of this,” a UBS spokesman stated on Sunday.
Reporting by John Revill; Modifying by Elaine Hardcastle