The Swiss bank has formed a new business area and expanded the role of one of its senior figures. It has also made other changes.

UBS has appointed Michael Frey, who is head of the high net worth business in the UK, to become head of private clients UK, adding to his existing role, to form a new segment called Private Client & High Net Worth UK, this publication can confirm.

The Zurich-listed bank defines “private client” for this purpose as assets of $2 to $5 million; “high net worth” starts at $5 million in assets.

A UBS spokesperson confirmed the changes to WealthBriefing. The changes take immediate effect.

Meltem Cagan, head of the UK international business, who oversaw the private client business ad interim, is extending her responsibilities to lead and oversee the UK mortgage business. 

The head of UK, Jersey & Guernsey at UBS GWM is Victoria Hagmann.