07:23 AM EDT, 06/27/2024 (MT Newswires) -- UBS (UBS) is reorganizing its global wealth management arm as part of its strategy to offer more investment services to its ultra-rich client base, multiple news outlets reported Thursday.

A new unit, GWM Solutions, has been created to consolidate the company's wealth offerings, with former Credit Suisse wealth banker Yves-Alain Sommerhalder as head, according to a memo seen by Bloomberg News.

Michael Camacho, formerly of JPMorgan Chase, will also join UBS to lead wealth management in the US starting in September, Bloomberg said.

Patrick Grob would head the alternative investments division at GWM and serve as president of the Asia-Pacific business while Marcello Chilov would head the Latin American business, the Financial Times reported.

The reorganization is the first major move made by the division's new co-heads Rob Karofsky and Iqbal Khan, the reports said.

UBS did not immediately respond to MT Newswires' request for comment.

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