UBS names new head of wealth management for emerging markets
Swiss bank UBS appointed Paul Raphael head of the newly created business unit, Wealth Management for the Emerging Markets. Raphael begins tomorrow. The new Wealth Management for Emerging Markets business area covers Latin America, Central and Eastern Europe, the Middle East, Africa and assets from Asian emerging markets booked in Switzerland. In the second quarter of this year, UBS reported a net profit of $2 billion attributable to shareholders and said that the emerging markets are key to this success. Paul Raphael will be a member of the UBS Wealth Management Executive Committee and will report directly to the CEO of the wealth managment operations, Jürg Zeltner. Raphael recently ran his own boutique investment firm and his 25-year career includes stint at Salomon Brothers, Merrill Lynch and Credit Suisse. Commenting on Paul's appointment, CEO UBS Wealth Management Jürg Zeltner said: "The emerging markets are a key pillar of UBS's growth strategy, and we want to further strengthen our leading position in these regions. As these markets have very specific needs, UBS has decided to intensify the management focus on them." Write to Jacob Gaffney.