UBS hires from Goldmans, JP Morgan for wealth unit
UBS has hired two senior individuals, who spent their early careers at the Swiss bank, to play leading roles in its wealth management operation.
René Mottas is set to become chief executive of EuropeHub, which takes in wealth management in Austria, Belgium, France, Luxembourg, Monaco, Netherlands, Russia and Spain. The UK, Italy, Germany and Switzerland are managed separately.
Mottas will report to Juerg Zeltner, recently confirmed as head of wealth management outside Switzerland and the Americas. Mottas was previously chief executive of the Swiss office of Goldman Sachs Bank, which he joined in early 2007, at the same time as a Middle East team led by Farid Pasha, a former UBS adviser. Prior to joining Goldman, Mottas was head of Clariden Bank in Zurich.
Josef Stadler has also joined UBS. He will take charge of the bank's key client operation, comprising wealthier individuals. He was previously a senior country officer in Switzerland at JP Morgan.
The appointments act as a reminder that UBS remains a force to be reckoned with, despite a spate of defections from its UK operation, problems with the US tax authorities and the weakened state of its holding company due to the credit crisis.
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