UBS hires private wealth management exec

27 October 2006

Financial firm UBS has announced the appointment of former JP Morgan Chase executive John Strauss has its new head of private wealth management at UBS Wealth Management US.

UBS said that Mr Strauss will help drive the firm's current expansion of services for its ultra-high net worth clients in the US, which is due to include a significant increase in branch numbers, as well as a greater variety of specialized products and services.

"As the wealth management marketplace grows increasingly sophisticated, today's ultra-high-net-worth clients need both a state-of-the-art offering as well as wealth advisors who take the time to listen and understand the clients' unique needs," commented Marten Hoekstra, head of UBS Wealth Management US.

"With extensive experience in this field, John Straus will lead UBS' US efforts to deliver a consistent approach that leverages the global resources of UBS for this important client segment."

UBS currently has a significant proportion of its operations in North and South America, with 39 per cent of its employees based there.

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