UBS Names Pellerani to Run Treasury as Moser Moves to New Role
Dec. 4 (Bloomberg) — UBS Group AG, Switzerland’s biggest bank, appointed Claude Moser to run a new group asset and liability management division.
Moser, head of group treasury since 2010, will be replaced by Carlo Pellerani, and will partly focus on risk management in his new position. He will continue to report to Chief Financial Officer Tom Naratil, who announced the changes today in an internal memo. The contents of the memo were confirmed by a UBS spokeswoman.
The changes to the treasury department are in response to “the emerging regulatory direction of greater regional and legal entity self-sufficiency,” Naratil said in the memo.
UBS is reorganizing to satisfy regulators’ demands for a bank that would be easier to wind down and does not disrupt the financial system in case of failure. The group holding company started trading in Switzerland last week after investors swapped their shares in the bank.
Duncan Rodgers will become head of asset and liability exposure management and deputy head of group asset and liability management, or GALM. Pellerani will become a member of UBS’s finance executive committee. The changes take effect on Jan. 1.
The GALM unit’s focus will be “on retaining and enhancing the economics from UBS’s structural positions,” Naratil said in the memo. The new area will be managed separately from the treasury department.
Moser has worked in treasury departments of UBS and its predecessor, the Swiss Bank Corp., since 1989. Pellerani, who was previously deputy group treasurer and investment bank treasurer, joined UBS from Nomura Holdings Inc. in 2012.
The Zurich-based bank plans to establish a banking subsidiary in Switzerland by mid-2015 that will house retail, corporate and the Swiss-booked wealth management business. It is reorganizing its unit in the U.K. to make it more self- sufficient and will have an intermediate holding company for all units in the U.S. by mid-2016. All businesses will remain within UBS AG, which in turn is owned by UBS Group.
To contact the reporter on this story: Jeffrey Vögeli in Zurich at jvogeli@bloomberg.net To contact the editors responsible for this story: Elisa Martinuzzi at emartinuzzi@bloomberg.net Steve Bailey
