UBS announced today that it plans to integrate its two wealth management businesses under the leadership of Marcel Rohner. The Zurich-based ...

UBS announced today that it plans to integrate its two wealth management businesses under the leadership of Marcel Rohner. The Zurich-based bank also announced the launch of a new alternative investment management business, Dillon Read Capital Management, headed up by John Costas, previously head of the investment bank. UBS’s US, Swiss and international wealth management businesses, as well as its Swiss corporate and retail banking unit will be brought together in one Business Group titled Global Wealth Management & Business Banking under chairman and chief executive of Marcel Rohner. UBS said in a statement: “While the relationships between advisors and their clients will not be in any way altered, UBS expects to benefit from economies of scale in bringing together functions supporting the advisors.” The bank added: “The move will accelerate UBS’s progress towards a consistent wealth management offering across the globe, and will make it even easier to fulfil clients’ individual needs with sophisticated products and services from across UBS.” Raoul Weil, head of UBS’s wealth management business serving international clients, will join UBS’s group executive board from 1 July 2005. Dillon Read Capital Management will form part of UBS’s Global Asset Management business led by chairman and chief executive John Fraser. John Costas will leave UBS’s Group Executive Board at the end of 2005. He will remain as non-executive Chairman of its Investment Bank.