With Wuffli Out, What Next for UBS? A Wealth Management Surge in the USA
Peter Wuffli was replaced as CEO of UBS last week after the firm realized millions of dollars in losses in an internal hedge fund, according to published reports. Marcel Roehner, who was previously deputy CEO and head of global wealth management and business banking, replaced him.
A UBS press release offered this: “As Chairman and CEO of Global Wealth Management & Business Banking, he [Roehner] has, over the last few years, managed the business that has made the largest contribution to the firm's revenues and profit. UBS's current Group CEO, Peter Wuffli, will relinquish all of his functions at UBS and leave the bank.”
In an interview with Swiss newsweekly, Sonntags Zeitung, UBS Chairman Marcel Ospel, raised the possibility of more growth in the U.S., a market in which the firm’s wealth management unit hasn’t succeeded to the same degree as its international counterparts. “Our aspirations in the USA are indeed higher than our current position. That requires additional investment. We are launching a new growth initiative for this market,” said Ospel. Marten Hoekstra, head of Wealth Management US, talked about strategy and goals for growth with Registered Rep. back in October, 2006 just after the firm bought McDonald Investments. (Read that story here.)
