UBS’ new co-head of wealth management Iqbal Khan’s plans for the ultra-high net worth business have cost the firm its biggest banker in Asia. The resignation sparks fears of further instability.
Even before staff in Asia can come to terms with Iqbal Khan’s plans to reorganize the bank’s ultra-high-net-worth services, they have been left leaderless. UBS’ head of ultra-high net worth and one of its best-known bankers in Asia, Ravi Raju, has resigned after four years in the role.
Raju’s resignation comes in the wake of new boss Khan’s latest announcement and his recent tour of Asia. He was previously APAC head of asset and wealth management at Deutsche Bank and his appointment as head of its billionaire client group was seen by many as a stepping stone towards a bigger role. However constant organizational changes at the bank meant the larger role – if it was ever promised – never materialized.
The reorganization has come as a bit of a shock, says one employee of the bank in Asia who did not envisage the changes to the existing structure or Raju’s consequential departure when he spent time with Khan in early November this year.
He must have his own reasons for playing his cards close to his chest but it has left some of us feeling more removed from the decision-making process,» he says of his new boss’ style. The changes are wide-reaching because they will impact clients and bankers.
He is skeptical, however, that Raju’s departure was prompted by the reorganization. Ravi heads both the ultra and the global family office business so for him the new structure would have been a consolidation of power rather than a loss, he says.
Neither UBS or Raju have commented on the reason for his departure, although industry sources indicate it is not for another role.
