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UBS Group AG is revamping its wealth management business in Asia as the Swiss bank implements a sweeping global shakeup driven by new wealth co-head, Iqbal Khan.
LH Koh, head of the private bank’s China international business, was appointed co-head of global family office for Asia Pacific, according to people familiar with the matter. He will share duties with the unit’s current chief, Anurag Mahesh, said the people, who asked not to be named because the information is private.
A spokeswoman for UBS in Hong Kong confirmed the appointments.
Khan and wealth co-head Tom Naratil are restructuring UBS’s most important business to rein in costs and speed up decision making. The bank is dismantling a unit dedicated to the ultra rich and moving some client advisers into the regional divisions and others to its global family office unit. It also started a round of job cuts at its wealth operations in Europe and Asia.
UBS wants to give wealth managers more autonomy in granting loans, in a bid to accelerate approvals and increase the business it does with clients, people familiar with the reorganization said earlier.
David Man was appointed regional vice chairman of wealth management for Greater China, one of the people said. Man, who joined the bank in 1996, has been developing its Taiwan international wealth operation.
The restructured Asian Wealth unit includes:
- Patricia Quek - sector head, Singapore and Malaysia
- Tian-Ong Foo - sector head, Thailand and Philippines
- Raymond Ang - sector head Indonesia, Greater China (Singapore) and Japan International
In Hong Kong:
- Adeline Chien - sector head Hong Kong domestic and Southeast Asian (Hong Kong)
- Marina Lui - sector head for China (international and domestic teams)
- Francis Liu - sector head Taiwan international
All executives will report to Amy Lo and August Hatecke, co-heads of wealth management for the APAC region.
(Adds details on reorganization in fifth paragraph.)
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