UBS shakes up flagship wealth business with new unit, memo says

ZURICH, June 27 (Reuters) – UBS (UBSG.S), opens new tab is shaking up its wealth-management arm, the bank’s flagship business, to boost its offerings to ultra-rich clients, the division’s new co-leaders said in their first internal memo sent on Thursday and seen by Reuters.

UBS will create a new unit from July 1, named GWM Solutions, to integrate various client offerings, such as investment management, lending, family and institutional wealth management and alternative investments, the memo from Rob Karofsky and Iqbal Khan said.