UBS wealth chief steps down amid fresh departure
John Pottage has stepped down as chief executive of UK wealth management at UBS following the exit of his head of sales management in the UK to Barclays Wealth, plus the defection of 73 staff to start-up boutique Vestra Wealth.
Andre Cronje, who started his career in corporate finance at UBS Warburg in South Africa, will step up to become overall head of wealth management in the UK.
Pottage will step down as UK chief executive to take on the role of head of UK domestic clients on an interim basis. This will help to fill the gap left by the departure of his UK sales head Emmanuel Fievet for Barclays Capital.
Fievet, who was a key lieutenant to Pottage, will join the wealth division of Barclays Wealth, as managing director of private banking in Europe, the Middle East and Africa. As part of his appointment, Barclays Wealth has promoted Gerard Aquilina to the new role of vice-chairman.
Fievet's departure from UBS is a serious blow to the Swiss bank, which has suffered the departure of several other advisers alongside those who went to Vestra Wealth. UBS has offered to give a 50% cut in fee for one year starting in April to clients whose advisers are switching to Vestra.
Thomas Kalaris, chief executive at Barclays Wealth, said: "In attrracting Emmanuel to the firm we have added both strength and depth to our leadership team."
A UBS Wealth spokewoman said the changes were the result of a business streamlining. She pointed out that assets managed in the UK have grown this year, and that UBS has won in court action against Vestra which has prevented it from poaching clients until early next year.
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