The architect of UBS’ family office business and top banker, Joe Stadler, is stepping aside as the unit gets an overhaul.
UBS is reshuffling its global family office division, which caters to the needs of its wealthiest clients, citing an internal memo.
The prestigious unit will become part of the new global family and institutional wealth (GFIW) unit, which will combine various services including Lombard lending, trading, hedge fund services (prime brokerage) and private market activities. Changes are effective April, the report said.
The new unit will be headed by investment banker George Athanasopoulos, who will report to both investment bank chief Rob Karofsky and the two co-heads of global wealth management (GWM), Iqbal Khan and Tom Naratil.
Athanasopoulos will continue to continue to serve as co-head of UBS trading and will report to both investment bank chief Rob Karofsky.
As executive vice chair in GWM, placed directly under divisional head Khan, Stadler will be responsible for individual clients in the division.
