UBS Names New Wealth Head, Loses More Fixed Income Talent

UBS Fractured

UBS's brokerage unit has named a new head for its private wealth management division, as the company looks to expand its business catering to clients with $10m or more in investable assets

Reuters reports that John Mathews, who had been a regional director in the southeast United States, has been tapped to lead the firm's ultra-high-net-worth unit, which includes roughly 340 of the firm's 7,000 brokers.

He takes over the role from Jason Chandler, who had been overseeing the unit and the broader adviser force.

In the meantime, the news agency also reports that Anthony Tobin, executive director of Financial Institutions Group syndicate at UBS, has resigned from the bank and is set to join RBC, according to sources familiar with the situation.

Tobin had only been at UBS since early 2012, having joined from Bank of America Merrill Lynch where he was a syndicate director within FIG.

Finally, Bloomberg reports that UBS plans to move out of almost three-quarters of the space it rents at Manhattan’s 299 Park Ave. as it seeks to reduce real estate costs.

UBS last month listed 382,000 square feet (35,500 square meters) of offices at the Midtown tower for sublease, available in mid-2014, said Robert Alexander, New York tri-state regional chairman for CBRE Group Inc., which is representing the Zurich-based company.

The bank intends to keep five floors, or about 130,000 square feet, at least until its lease ends in 2018, said two people briefed on its plans, who asked not to be identified because the details are private.

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