UBS Creates New Wealth Unit, Names New U.S. Chief

What You Need to Know

The firm is creating a new unit, GWM Solutions, to bring various wealth offerings under one roof.
Michael Camacho, formerly of JPMorgan, will lead wealth management in the U.S. for UBS starting in September.
UBS also is rapidly progressing with its integration of Credit Suisse, which it took over last year.

UBS Group AG is reorganizing its global wealth management arm in the first major move by its new leaders Rob Karofsky and Iqbal Khan, pursuing its long-standing aim of bringing more investment services to its ultra-rich client base.

As part of the move, UBS will create a new unit — dubbed GWM Solutions — that will bring various wealth offerings under one roof, according to a memo seen by Bloomberg News.

Former Credit Suisse wealth banker Yves-Alain Sommerhalder will lead the unit, which includes offerings such as investment management, lending, family and institutional wealth and alternative investments, the memo said.

As part of the push, Michael Camacho is joining UBS, the memo said. The JPMorgan Chase & Co. veteran will lead wealth management in the U.S. and will start in September.

The organizational changes come about a month since UBS announced a new leadership structure.

In May, investment bank head Karofsky was appointed to run its U.S. business and jointly oversee wealth with Khan, who was the sole head previously. Khan will relocate to Asia and was also made president of the Asia-Pacific region.

Both bankers, who are seen as potential successors to Chief Executive Officer Sergio Ermotti, are stepping into new territory to expand their knowledge of the overall firm. Khan has spent most of his career in wealth management, while Karofsky has a markets background.

UBS is rapidly progressing with the integration of Credit Suisse, which it took over last year in a Swiss government-orchestrated rescue. Part of that includes building up in the U.S.