UBS Wealth’s New Bosses Tweak U.S. Management Ranks
The streamlining of UBS AG’s wealth management businesses has filtered down to some field management and senior staffing functions in the U.S.
Veteran U.S. manager Frank Minerva, who in his 30 years at UBS Wealth Americas and predecessor firm PaineWebber has spearheaded the opening of offices for high net worth customers and most recently ran the firm’s Fairfield County Connecticut market, has stepped down from that role to assist Northeast Division head Paul Hatch, said sources at the branches he ran.
The management of offices that Minerva ran in Greenwich, Westport and other enclaves of wealth in the southern part of the state and in Westchester County, New York, has been split between Mara Glassel, a New York City market head, and William Cholawa, UBS’s market head in Hartford in the northern part of Connecticut.
Minerva did not return a call for comment to his New York City office, and Cholawa declined to comment. Glassel did not return a request for comment on her expanded responsibilities.
Several executive recruiters who had heard of the change speculated that it is part of a broad cost-cutting aimed at shrinking middle-management and administrative expenses.
A UBS spokeswoman did not respond to questions about the reasons for the change or whether other of the firm’s approximately 40 markets in the U.S. have been consolidated as the firm’s U.S. brokerage force of just under 7,000 has been deliberately shrunk by management.
Tom Naratil, who took the reins of the U.S. business 18 months ago, has led it out of the Protocol for Broker Recruiting, making it more onerous for brokers to leave, and slashed its recruiting budget. He has said he will focus on retaining veteran brokers and their clients rather than on building assets through expensive hiring.
Naratil’s role at the Swiss banking giant broadened at the beginning of this month when it folded the previously autonomous U.S. brokerage business into a global wealth unit co-headed by him and Martin Blessing, who had been running UBS’s non-U.S. wealth units.
Since the consolidation, UBS has removed the names and biographies of the 23 executives below Naratil who who were part of its U.S. executive committee from it website.
In one change among the executives’ management functions, however, the company has appointed Luis Cardoso as chief financial officer for its Americas wealth businesses. The Portugese native, who was head of strategy for Wealth Management U.S., is “responsible for the transparency in and appraisal of financial performance, for coordinating and validating planning and forecasting and for challenging and providing advice on financial and strategic aspects of projects and transactions,” according to his corporate biography.
Mike McGovern, who had been CFO for the Americas wealth businesses, has shifted to become head of corporate institutional advisory solutions within the U.S. unit, according to his web biography. He is responsible for providing equity plan advisory services to executives and other corporate stock plan participants, it says.