UBS named JPMorgan veteran Jakob Stott to head its European wealth management unit in an effort to drive the profits of the company as the restructuring of management deepens.
The company announced the executive appointment Friday.
Stott, 55, who will start his new position on Oct. 1, will be responsible for UBS’s high-net-worth clients who do business with the bank in Europe. He will oversee more than 45 branches in Germany, the United Kingdom, France, Monaco, Italy, Spain, Austria, Luxembourg, Belgium and the Netherlands, according to a press release.
Stott has held a series of leadership positions at JPMorgan, most recently as chief operating officer for its investment bank in Europe, Middle East and Africa and Global Head of its Reputation Risk Office.
In this new role, Stott will specialize in enhancing the business model in Europe to better serve the growing needs of the clients by providing a tailored advisory service to match the clients’ expectations. He will have Andre Cronje, head of U.K. wealth management, Axel Hoerger, who leads the business in Germany, and Rene Mottas, who’s responsible for the rest of Europe, reporting to him, according to a company spokesperson.
“The onshore European business offers enormous wealth management opportunities for UBS,” said Stott in a press release.
CEO Oswald Gruebel also recruited Bob McCann last year to head the wealth management operation in the U.S., which led to a highly-publicized shakeup of the U.S. team.