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UBS Taps Naureen Hassan to Succeed Tom Naratil as Americas Chief

UBS Taps Naureen Hassan to Succeed Tom Naratil as Americas Chief

Tom Naratil, co-head of international prosperity administration at
and the president of the Swiss bank’s Americas enterprise, will move down on Oct. 3,
declared Tuesday.

Naureen Hassan, who will turn out to be president of the Americas at UBS in Oct.

Image Illustration by Barron’s Advisor Courtesy of UBS

Naureen Hassan, the main running officer at the Federal Reserve Financial institution of New York and a previous
government, will thrive Naratil as president of the Americas and turn out to be a member of the Swiss bank’s govt board.

Because 2019, Naratil has jointly led UBS’ world-wide wealth management organization collectively with Iqbal Khan, who joined the lender from rival
in 2019. Just after Naratil’s departure, Khan will turn into sole president for world wealth management.

Citing nameless resources, Bloomberg previously this week reported that UBS was mulling building Khan the sole head of world prosperity management, most likely positioning him as the potential successor to CEO Ralph Hamers.

Prosperity management is UBS’ greatest organization, so the govt in demand enjoys a substantial profile at the lender and stands as a rational successor to the CEO. Hamers’ require for a alternative likely is a extensive way off, while. He took around as CEO fewer than two many years ago and is only 56.

Iqbal Khan and Tom Naratil of UBS

Courtesy of UBS

Naratil will depart UBS right after practically four many years at the financial institution and predecessor organization PaineWebber. He won’t be retiring from the business but has however to come to a decision his up coming step, in accordance to a source common with the problem.

At UBS, Naratil has served in a variety of large-amount positions, like CFO and COO. In 2016, he took the helm of the bank’s Americas wealth management company. Less than his management, wealth management pretax income in the Americas more than doubled to $2 billion, in accordance to the financial institution.

“I … want to personally thank Tom for his management and significant contributions to UBS around the past four many years,” CEO Hamers mentioned in a statement. “He’s been a champion of our tactic and transformation and a vocal advocate of our variety initiatives.”

Hassan, Naratil’s successor in demand of the Americas company, joins UBS following serving as the New York Fed’s COO since March of final 12 months, according to her LinkedIn profile. From 2016 to 2020, she served as chief digital officer at Morgan Stanley. From 2003 to 2016, she worked in many govt roles at
which includes a stint as COO of the low cost brokerage’s lender.

Her familiarity with electronic initiatives will occur into enjoy as she can help UBS additional build Wealthfront, the robo-advisor it obtained this 12 months. She will also oversee UBS’ continuing improvement of its wealth system by

Although Hassan will be in charge of the Americas organization, administration of the U.S. prosperity management business enterprise will rest with Jason Chandler, who will work carefully with Khan, in accordance to sources familiar with the condition.

“Our World-wide Wealth Administration small business and our Americas area are strategically important, and both equally offer major development chances for us,” Hamers reported in a assertion. “I am confident that Naureen and Iqbal will develop upon Tom’s achievement and continue on to supply for our customers and reach our strategic ambitions.”

Write to Ross Snel at [email protected]