UBS management board member Iqbal Khan wants to broaden credit to wealthy clients as a way to grow the Swiss bank’s wealth administration business, it was reported on Sunday.
Khan, the former Credit Suisse star supervisor who is now co-head of wealth administration at UBS, said in a note to staff he wanted to see “quick wins while engaged on long-term strategic options,” Sonntagzeitung wrote Sunday.
“Financing is an area where we may do more,” Khan stated in the memo, based on the report.
“We should make sure that we not only preserve our rivals at a distance, however, we further increase the distance to them,” the chief wrote.
In the memo to employees, Khan said he further wants to develop UBS’s private equity, private debt, infrastructure, and different unspecified asset classes.
The chief wants to combine more carefully the actions of UBS’s asset administration unit with its funding bank, the report read.
Khan, alongside Tom Naratil, the other co-head of UBS’s wealth management business, is due to report back to the bank’s chief executive Sergio Ermotti during December with their programs for the subsidiary.
The note is one of the first indicators of Khan’s programs for the business he joined last month after quitting as chief of the international wealth administration business at Credit Suisse, following a dispute with Chief Executive Tidjane Thiam.
“Financing is a high priority for our clients and hence as well as for us, however, our risk appetite and risk limits don’t change consequently,” a UBS spokesperson stated Sunday.