THE LEX COLUMN: UBS targets wealthy with Khan-do spirit
Investment bank wants more revenue from its global wealth management unit
Controversially, UBS brought in Iqbal Khan from Credit Suisse to spice up its global wealth management unit. Along with co-head Tom Naratil, he wants to rearrange how UBS deals with its super wealthy clients. Khan is keen to find the right menu of services to meet their needs.
Reports that UBS plans to break up the unit devoted to its ultra high-net worth clients have more to do with squeezing more revenue from them, not reducing the exposure of the bank.