UBS Revamps Leadership in Wealth Unit in Latin America

UBS Group AG revamped the leadership of its Latin American wealth-management business outside of Brazil as the bank integrates its former rival Credit Suisse.

(Bloomberg) — UBS Group AG revamped the leadership of its Latin American wealth-management business outside of Brazil as the bank integrates its former rival Credit Suisse.

Nicolas Troillet, who was Credit Suisse’s head of global markets and wealth management for Mexico, will become UBS’s business-development officer for that nation, according to an internal memo seen by Bloomberg News. Troillet will also be Latin America’s head of wealth-management client development, reporting to Marcello Chilov.

Andreas Mastai, also a former Credit Suisse executive, will be head of UBS wealth management for Panama, Chile and Colombia, and take the additional role of lead market head for Central, Andean and Southern Latin America, coordinating the lender’s strategy and cross-border business for those markets, Matthias Musch, head of international wealth management for Latin America, said in the memo.

UBS agreed to acquire Credit Suisse in March in a deal brokered by the Swiss government, which was picking up the pieces when Credit Suisse collapsed after years of management missteps and scandals. With the acquisition, UBS will leapfrog JPMorgan Chase & Co. to become Latin America’s biggest wealth manager.

Also in the memo:

Gustavo Galvan-Duque will remain country head and head of wealth management for Mexico, and Rainer Hensel will continue to head UBS’s advisory office in Panama.
Alberto Piedrahita, a former Credit Suisse executive, will head UBS’s representative office in Colombia.
Jeronimo Correa Braun, also from Credit Suisse, will run UBS’s representative and advisory office for Chile.

The bank’s Brazil-based leadership will include:

Marcello Chilov, head of global wealth management for Latin America
Rafael Gross, head of Brazil private banking
Bruno Barino, head of Brazil multifamily office
José Renato Carvalho, head of Brazil investment coverage
Luiza Xavier, head of Brazil client management and affluent clients
Luiz Borges, head of Brazil client development

(Updates with Brazil-based leadership positions at the end of the story. An earlier version of the story corrected an executive’s role in the second paragraph.)

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