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On Wednesday, it was announced that Young Jin Yee, formerly of Credit Suisse and Deutsche Bank, has taken over as the co-head of UBS Global Wealth Management (GWM) Asia Pacific. Yee replaces August Hatecke, who is returning to Zurich to manage UBS’s Switzerland business.
Yee made his first public appearance at the APAC Sustainable Finance Conference, where he emphasized UBS’s commitment to sustainable investing. The bank plans to direct substantial capital towards sustainability transition, including $22.9 billion in assets linked to SI Strategic Asset Allocation and $10.1 billion in SDG-related impact commitments and invested assets for 2022. This commitment aligns with the views of high-net-worth investors, as per a recent UBS survey, which found that two-thirds recognize the importance of sustainability to their portfolio performance and 78% anticipate maximum returns from sustainable investments.
Despite this positive development, UBS is grappling with the departure of top executives and staff members. Sonia Goessi and Thomas Frauenlob have left to join Julius Baer’s board. Other smaller banks like Piguet Galland, a subsidiary of the Cantonal Bank of Vaud, have been recruiting advisors from the combined bank.
Among other departures, former UBS executive Mara Harvey now heads VP Bank’s Swiss and European business. Ulrike Hoffmann-Burchardi has moved to GWM’s chief investment office, while Urs Buechi now leads Schroders (LON:SDR)’ German private banking operations after leaving UBS.
Ten client advisors also resigned from UBS’s Middle East desk in Geneva as the bank reassigned management for its business with petro-billionaires. Julius Baer chairman Romeo Lacher predicts a second wave of asset outflows at UBS, suggesting further departures are on the horizon.
However, UBS continues to attract new talent. In addition to Young Jin Yee’s appointment, Giovanni Ronca has been appointed to lead GWM in Italy.
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