As we mentioned in last week’s FiX, Andy Amschwand is back at UBS. It has now been announced that, as head of the investment products and services unit, his role will be to stem the withdrawal of private client funds. Wealth management outflows from UBS amounted to nearly CHF90 billion in 2009.
It looks like Credit Suisse benefitted most from UBS’s troubles. In this year’s Euromoney Private Banking Poll, CS jumped from fourth place to become the top-ranked global private bank. UBS, which had won the poll every year since its inception in 2004, slipped to third.