The financial intermediaries business makes a "substantial contribution to global wealth management" revenues, UBS says.

This news service can confirm that Stefano Veri has decided to take early retirement from his role as head of its global financial intermediaries (GFIM) business at UBS. Veri, who has been in the post since 2014 and at the Zurich-listed for four decades, is leaving on 1 November.

The bank has named Thomas Frauenlob as his successor. Frauenlob will join the GFIM organisation from today, officially taking over from Veri as the new head of GFIM on 1 October. He will report to Anton Simonet, head of wealth management Switzerland and GFIM at UBS Switzerland. Frauenlob will become a member of the wealth management Switzerland and GFIM management committee. In addition, he will have a dotted reporting line to Iqbal Khan, co-president, global wealth management at UBS.

Frauenlob joined UBS in 2010 as head of equities in Switzerland for the investment bank. He moved to its global wealth management business in 2016, taking the role of head of ultra-high net worth business and global family offices in Switzerland. 

Among senior changes at the bank, in late April, UBS announced that Mike Dargan had been appointed chief digital and information officer. The new CDIO role replaced the former group chief operating officer function. Dargan has been the head of group technology since he joined UBS in 2016. Markus Diethelm, group general counsel of UBS for 13 years, decided to step down as of 1 November.