Amid ongoing integration with Credit Suisse, UBS has internally announced leadership changes to its wealth management unit in Asia Pacific, finews.asia has learned.

UBS has announced a number of leadership changes to its global wealth management (GWM) business, according to a memo seen by finews.asia.

The Swiss lender named Yves-Alain Sommerhalder as head of wealth management for Credit Suisse, reporting to UBS GWM president Iqbal Khan and Credit Suisse CEO Ulrich Koerner. Sommerhalder held a number of senior client-facing roles at Credit Suisse in Zurich and Hong Kong before leaving the firm in October 2022.

CS Reporting Line

Former Credit Suisse wealth head Francesco De Ferrari will remain as a senior advisor to Khan as well as the combined leadership team and will ensure a seamless transition. 

All Credit Suisse wealth management staff currently reporting to De Ferrari will report to Sommerhalder, alongside their respective UBS GWM regional or functional head, until further notice. Reporting lines and governance for all other Credit Suisse wealth staff remain unchanged.

APAC Leadership

Within Asia, Amy Lo will remain as co-head GWM APAC, overseeing the Hong Kong, North Asia and Greater China markets. She will also serve as chairman of GWM Asia.

Jin Yee Young will join UBS, effective June 29, as co-head GWM APAC, overseeing the Singapore and Southeast Asia markets. Young succeeds August Hatecke who will remain with the bank to lead the UBS GWM Switzerland business, including global financial intermediaries. 

Strategic Clients

Credit Suisse Hong Kong CEO Benjamin Cavalli will become head of the GWM strategic clients team, effective July 3. Based in Singapore, Cavalli’s responsibilities cover the bank’s ultra-high net worth solutions offering, global partnerships, chief marketing office, communities and strategic client segments.

He will also be part of the GWM leadership team and act as Khan’s deputy in «critical client situations».

Wealth Integration

Sommerhalder and UBS GWM COO Wiwi Gutmannsbauer will jointly lead the bank's wealth management integration team. Together, they will also partner with the heads of regional business units and global capability teams.

A spokesperson for the bank confirmed the contents of the memo.