UBS Wealth Sustainable Investing Product Head in U.S. Leaves

Two executives responsible for popular investment strategies and products sold through UBS Wealth Management USA’s 6,000 brokers have relinquished their posts.
Her departure follows that of Justin LaBier, a 21-year UBS veteran who most recently ran multi-asset investment strategies for UBS Private Bank.
LaBier left this month to become director of investment due diligence at the U.S. arm of Invesco, according to his LinkedIn profile.
Jojic was responsible for developing sales of sustainable investing products and services in the Americas since July 2018, working with brokers and third-party asset managers, according to her LinkedIn profile. She had been with UBS Wealth Management for nine years, in roles primarily related to developing cash and other banking and deposit strategies that are promoted through brokers.
Neither Jojic, who also worked at Merrill Lynch for six years, nor LaBier responded to requests for comment.
Their departures come as large brokerage firms increasingly urge brokers to sell company-developed portfolios and funds of outside money managers that pay for distribution, while spending their time developing financial plans with clients and prospecting for new business.
UBS has appointed Julia Tomei to replace Jojic as head of sustainable investing solutions in the U.S. It also promoted Lynette Jefferson to an expanded role overseeing all sustainable investing programs in the U.S., in addition to overseeing advisory products for “ultra-high-net-worth” customers. Tomei, who had been a manager in the firm’s consolidated advisory program, will continue to report to Jefferson.
The environmental, social and governance (ESG) investment products that Jojic had overseen are among the fastest growing sectors of asset management.
Investors poured $10.45 billion into U.S. open-end mutual funds and exchange-traded funds with “sustainable and impact investing” themes in this year’s first quarter, according to the Morningstar global sustainable fund flows report.
The $488 billion that UBS clients held in sustainable investments across the Swiss bank’s global businesses as of the end of 2019 represented 13.5% of total invested assets globally, a spokesman said. The company does not break out ESG assets under management by division or by region, he said.
Corona fatigue setting in at AH? Who amongst the ranks anywhere cares about this story? This is like reporting that the sun went down today.