On 1 July 2005, our US, Swiss and
international wealth management
businesses, as well as our Swiss
corporate and retail banking unit,
were brought together in one Business
Group titled Global Wealth Management
& Business Banking, headed by
Marcel Rohner.
While the relationships between advisors
and their clients have not in any
way been altered, we expect to benefit
from economies of scale in bringing
together functions supporting the
advisors. The move will accelerate our
progress towards a consistent wealth
management offering across the
globe, making it even easier to fulfill
clients’ individual needs with sophisticated
products and services from
across UBS.
Raoul Weil, head of our wealth management
business serving international
clients, joined UBS’s Group Executive
Board on 1 July 2005. Robert Silver,
previously President and Chief Operating
Officer of the Wealth Management
USA business, is overseeing the integration
of the wealth management units.
Mark Sutton, previously Chairman and
CEO of the Wealth Management USA
business, has been appointed to the
new position of Chairman and CEO,
Americas, responsible in the region for
accelerating the development of UBS’s
client base and integrating the work of
UBS’s businesses.
Our highly successful municipal
finance unit, previously located within
the Wealth Management USA business,
has been transferred to the
Investment Bank’s fixed income area.
In our financial reporting, we will
retain separate disclosure of the performance
and profit of the Wealth
Management USA unit (see new
reporting structure on the next page).
Before releasing third quarter results,
we will restate our results to reflect the
shift of the municipal finance business
from the Wealth Management USA
unit to our Investment Bank.
