UBS has announced leadership changes in its wealth and asset management divisions amid a revamp of its group executive board that sees presidents in both divisions exit.
Suni Harford (pictured) has been promoted from head of investments to president of asset management, succeeding Ulrich Koerner, who has been in the role since 2014.
UBS had a “fragmented” multi-boutique structure when Koerner joined, which he transformed into a globally integrated business, a press release announcing the staff changes said. “This brought UBS Asset Management back on a sustainable growth path driven by significantly improved investment performance.”
The release highlighted his successor’s “broad experience across the industry, including research, client coverage and risk management”. Harford joined UBS in 2017 following a 24-year career at Citigroup.
Harford is not the only woman promoted in the latest leadership changes. Sabine Keller-Busse will take over Koerner’s responsibilities as president for UBS’s activities in Europe, Middle East and Africa. Keller-Busse, who joined UBS in 2010, will retain her current role of group chief operating officer.
Prior to UBS, she led Credit Suisse’s private clients business in Zurich.
Within wealth, Martin Blessing will exit as global co-head at the end of 2019. UBS has nabbed Credit Suisse international wealth management CEO Iqbal Khan to succeed Blessing. Khan joined Credit Suisse in 2013 to become CFO of private banking and wealth management before his promotion in 2015.
He will be co-president of UBS Global Wealth Management alongside Tom Naratil.
Blessing had been in the role since February 2018. The release said he had helped combine the international and US wealth management businesses over that period.
All changes are effective from 1 October.
