UBS Seeks More Deals Among U.S. Billionaires

The revamp is "focused on spurring growth — particularly in our ultra high net worth, middle market institutions and public finance businesses," Tom Naratil, co-president of global wealth management, and Rob Karofsky, co-president of the investment bank, said in the memo.

The wealth-management unit also has many clients in the middle market, an area where Goldman in particular has said it's also trying to expand advice as big-ticket mergers and acquisitions begin to slow after years of setting records.

UBS said earlier Thursday that revenue at the investment bank tumbled 27 percent, hurt by fees tied to equity underwriting and merger advisory.

Global wealth management was down 9 percent, but the unit attracted $22.3 billion of net new money, led by wealthy clients in the Asia Pacific region. Both divisions reported disappointing results earlier this year, missing consensus estimates for the fourth quarter of 2018.

Other takeaways from Thursday's memo: Sanborn, head of investment platforms and solutions for wealth management in the Americas, and Olsen, Americas equities chief, will jointly supervise institutional equities and regional institutional sales, as well as family offices.

Roy, head of Americas foreign exchange, rates and credit, will focus on fixed-income trading. That unit posted a surprise jump in the first quarter globally.

"Many of global wealth management's most sophisticated clients need the kind of institutional capabilities that the investment bank can provide," Naratil and Karofsky said in the memo. "This new partnership will make us a more aligned and more effective organization."

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