(Bloomberg) — UBS Group AG made organizational changes at its U.S. wealth management unit as it seeks to boost profitability in a market that is central to its growth plans.
The structure of the U.S. wealth adviser will move from two divisions to four regional units, as well as a team for international clients and a consulting center, according to a memo sent to staff by country president Rob Karofsky and Michael Camacho, head of the U.S. wealth management, and seen by Bloomberg.
UBS is seeking a broader US banking license, with Chief Executive Sergio Ermotti making US expansion a key part of his strategy beyond the immediate integration of Credit Suisse. The takeover has strengthened UBS's US investment bank, which it plans to use to sign entrepreneurs and wealthy individuals as clients for its private banking business.
UBS said it was also expanding the services available to its wealthiest clients and creating a new Ultra-High New Worth Plus segment for clients with assets of more than $50 million.
The Wall Street Journal first reported on the organizational changes.