UBS AG (UBSN), Switzerland’s biggest bank, hired Eva Lindholm from JPMorgan Chase & Co. (JPM) to head its business with ultra-high-net-worth clients in Europe.
Lindholm will join on May 1 and lead the business together with Philip Higson for a transitional period until December, when she will become the sole head, Joe Stadler, global head of ultra-high-net-worth business, and Jakob Stott, head of wealth management in Europe, said in a memo today. A spokesman for UBS confirmed the memo’s contents.
Higson currently leads the ultra-high-net-worth business and the family office group in Europe, and will focus on the latter from December, the memo said.
The unit with ultra-high-net-worth individuals, who typically have at least 50 million francs ($55 million) in invested assets and often require investment-banking services, is one of the fastest-growing parts of the bank’s wealth- management business. About 40 percent of 750 billion francs in assets at UBS’s wealth management business excluding the Americas comes from ultra-high-net-worth clients.
Lindholm has worked for JPMorgan for 26 years in asset and wealth management, investment banking and debt capital market roles. For the past three years, she headed the firm’s corporate banking business in Europe, Middle East and Africa. A native of Finland, she speaks Finnish, English, Swedish, Spanish and Russian, according to the memo.
UBS also said that Mara Harvey, currently chief of staff for wealth management, will take on the newly created role of chief operating officer for ultra-high-net-worth business in Europe. She will aim to boost collaboration across the European business and with other divisions, the memo said.
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