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UBS wealth co-chief sees ‘quick win’ in lending to the rich

Iqbal Khan, only weeks into his new role as co-head of UBS Group’s wealth management business, said the bank should increase lending to its rich clients.

In an internal memo to employees seen by Bloomberg, Khan said he sees potential “quick wins” by adding more lending within the wealth division. That was a strategy he used to boost profit in a similar role at cross-town rival Credit Suisse.

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Khan also said the wealth unit could do more in markets such as private equity, private debt, and infrastructure and that he plans to introduce initiatives to achieve those goals. The executive also told employees that he wants to boost collaboration between wealth management and UBS’s investment bank and asset management business.

UBS Chief Executive Officer Sergio Ermotti has given Khan 60 days to do a thorough review of the division that he co-heads with Tom Naratil and report back in early December.

Bloomberg News