Iqbal Khan's arrival at UBS puts the known danger to the Group. The head of co-wealth management wants to lend more money to wealthy clients.
Loan issuance and a heavy balance sheet burden, under CEO Sergio Ermotti have not been a preferred way of growing wealth management to produce. In Iqbal Khan certainly changes.
The newly appointed head of wealth management wrote according to the news agency «Bloomberg» and the «Sunday newspaper» (article to be paid) in A memo to his colleagues on the expansion of Lending to wealthy clients is a way to create greater growth.
He wants to see "rapid growth," the 43-year-old wrote, while determining how long-term strategic solutions work. Khan joined UBS in October, where he now leads Wealth Management with Tom Naratil . The change in rival was preceded by a spying on Khan by Credit Suisse (CS), where he recently led Wealth Management.
Khan says that UBS should not only keep its competitors far, they must expand their lead, Khan aims to launch further initiatives in the areas of private equity, private debt, infrastructure and other asset classes. He also wants to more closely integrate asset management and investment banking activities.
The Sunday paper continued to write that there was evidence that UBS not only wanted to expand the Lombard loan book, but also Going into growth with a fixed loan. In particular, financial instruments may be offered for the purchase of yachts or private aircraft, an area where CS has generated considerable knowledge.
A UBS spokesperson said the report said, "Credits are a high priority for customers with us, but our appetite for risk and risk limits have not changed." [1