Smart-suited Swiss private bankers offer wealthy clients a palette of services. One is succession planning. UBS, the world’s biggest wealth manager, has finally drawn up its own scheme.

A reshuffle on Thursday revamped the top team below Sergio Ermotti, CEO since 2011. The effect was to start the race to replace him. For now the front-runner is the youthful Iqbal Khan, a recent defector from local rival Credit Suisse, who becomes joint head of the main wealth management unit.

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