January 23, 2018 / 5:12 PM / in a year

UPDATE 1-MOVES-Novakovic to head UBS wealth management in EMEA

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ZURICH, Jan 23 (Reuters) - Christine Novakovic has been named head of UBS wealth management in Europe, the Middle East and Africa, replacing Paul Raphael, who was in charge of Europe and emerging markets, according to a staff memo seen by Reuters.

The news comes after UBS, which manages 2.3 trillion Swiss francs ($2.40 trillion) in invested assets for wealthy clients, said on Monday it was merging its global and Americas wealth management businesses into a single division.

Current heads Martin Blessing and Tom Naratil will co-lead the business.

Novakovic has most recently headed UBS’s investment banking and corporate customer business in Switzerland.

Elsewhere in the revamp, UBS Brazil Chairman Sylvia Coutinho is taking on a new role as UBS head of Wealth Management Latin America, a region where both legacy businesses have operated.

It named Reto Wangler as chief operating officer (COO) for the combined business.

“As a result of these changes, we are discussing future opportunities with Paul Raphael and (former COO) Dirk Klee,” the memo said. ($1 = 0.9596 Swiss francs) (Reporting by Angelika Gruber, Writing by Michael Shields, Editing by Adrian Croft)

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