Responding to some media commentary about the pace of change, the bank says it is pushing ahead with placing wealth management groups, such as is Americas, EMEA and Asia businesses, under one roof.

UBS says it is making progress in merging its Americas, EMEA and Asian wealth businesses under one roof.

The Zurich-listed lender, which in January this year announced it was merging its Americas business with the rest of its wealth operations, is pushing ahead on plans to simplify the structure, according to an internal memo seen by this publication. 

“Nearly 150 days since we first announced the creation of Global Wealth Management, we're pleased to report that we're making progress on GWM's goals to increase market share, seize profitable growth opportunities, further differentiate UBS from our peers, and identify areas for greater efficiency and effectiveness,” the bank said.

This publication understands that a 22 June article in German-language daily Neue Zuercher Zeitung, stating that plans are likely to take far longer than expected, was a matter of that publication’s opinion, and that the bank does not think it is behind any schedule. The NZZ article reported UBS will not be able to merge its IT platforms for the foreseeable future, such as those in the US, with other entities.

However, this publication understands that the IT platform of the American business is robust and effective. In the EMEA and APAC regions,  more than 80 per cent of client assets have already been integrated to one platform. The integration of the remaining assets is proceeding as planned.

The US wealth business of the bank, which used to be a separate entity for reporting purposes, is based on the old PaineWebber business UBS acquired in 2000. A brokerage, the operation is different from the models familiar to clients in Europe or Asia, for example. The business was shaken up by former senior Merrill Lynch executive Robert McCann, who was named as chairman in January 2016 after stepping down from his executive leadership role at UBS. McCann joined the Zurich-listed group in 2009, with a brief to turn around the firm’s fortunes in the wake of the financial crash.

One structure
The decision to put all wealth management arms under one umbrella had prompted some industry speculation, which this publication has heard, about how well quite different business models are going to sit alongside one another. 

The memo’s tone about progress was upbeat, saying it has set up three global content units in its Investment Platforms & Solutions groups, led by Jason Chandler and Christian Wiesendanger. 

“These new IPS teams are quickly assessing the demand in other regions for existing trading capabilities and investment strategies like the successful Systematic Allocation Portfolio (SAP). We also set up a realigned global Client Strategy Office led by Paula Polito, which has already delivered compelling insights such as the first global Investor Watch on longevity and the Q2 Investor Watch Pulse report on the escalating tariff disputes,” the bank continued. 

The memo also talked about how it has been the “first global bank” to apply for a majority holding in its China joint venture, tapping recent Chinese liberalisation of JV ownership rules.

UBS went on to say it is cutting “the number and complexity of our platforms, improving performance and creating a better digital experience for our clients and employees”. The memo also talked about work in areas such as improving the client experience, boost career growth chances in GWM, reduce corporate bureaucracy, improve discretionary mandate capabilities, and improve its lending services.

In January, UBS also announced its revamped management lineup to run alongside its changes to global wealth management.