UBS Group AG is carrying out a leadership reshuffle for its wealth management operations in the Middle East, announcing that Christl Novakovic - who heads wealth management across Europe, the Middle East and Africa (EMEA) - will relocate to the region later this summer, according to an internal communication outlined by the bank's wealth management leadership.
The move was described in a memo circulated by Iqbal Khan, global co-head of wealth management, together with regional president Beatriz Martin Jimenez. The same memo said that Niels Zilkens, UBS' current head of wealth management in the Middle East, is set to move to Doha.
In a separate internal message, Novakovic - who has been with UBS for more than 15 years - said the bank's EMEA wealth management business will be reorganized into five coverage sectors effective June 1. The internal restructuring is intended to enable Novakovic to concentrate on supporting growth initiatives for the Middle East team.
Khan and Jimenez underscored the importance of the Middle East in the firm's strategic plans, noting the region's central role in long-term opportunities for UBS' wealth management business and its clients. No further operational details were provided in the memos beyond the announced leadership moves and the sectorization of EMEA coverage.
The bank has experienced attrition among senior wealth management bankers in the Middle East in recent months, with several departures of executives who were hired less than two years ago as part of efforts to expand the bank's footprint in the region. The memos also noted that banks are actively competing to recruit talent in order to attract ultra-high-net-worth clients across the Middle East.
While the memos lay out personnel changes and an internal reorganization plan, they do not provide additional details on timelines beyond Novakovic's planned relocation later this summer and the June 1 start date for the five coverage sectors. UBS has framed the moves as measures to bolster its capacity to support client growth in the Middle East.