Middle East wealth management staff reorganised by UBS

UBS is undergoing a significant transformation in its wealth management division for the Middle East, marked by the appointment of new leadership. Niels Zilkens has been named the head of UBS's Middle East wealth management business, while Bruno Daher, who assumed the top executive role just three months ago, now serves as the division's chairman, according to an internal memo. Zilkens will soon unveil his leadership team, and his appointment has garnered confidence from Christine Novakovic, the head of UBS's wealth management business in Europe, the Middle East, and Africa. She believes Zilkens' extensive experience and profound understanding of the market will play a pivotal role in achieving the bank's high growth aspirations in this strategic sector. Zilkens' primary focus will be on the strategic aspects of UBS's Middle East business, particularly in regaining customer trust—a priority emphasized by UBS CEO Sergio Ermotti.

Bruno Daher, previously at the helm of Credit Suisse in the Gulf region, faced controversy for his management style. Despite transforming the Swiss bank into a regional heavyweight, reports suggest that the working climate deteriorated during his tenure, leading to a notable exodus of employees from Credit Suisse in the Middle East. Daher's appointment at UBS was unconventional, deviating from the trend of filling top leadership positions with long-serving UBS executives after the merger.

This restructuring initiative follows the departure of Ali Janoudi from UBS. Following Daher's appointment as Novakovic's deputy in the Middle East in July, Janoudi, the former leader of UBS's wealth management business in the Middle East and Africa, chose to step down.