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Private Banking and Wealth Management Survey 2020: Can Khan and Naratil make more of UBS Wealth?

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Illustration: David Manion

UBS Global Wealth Management is the world’s best wealth manager. It is an accolade the firm has enjoyed for 13 of the 17 years of Euromoney’s annual survey. But its financial performance does not match its scale. A new partnership at the top of the firm has a plan to integrate business lines and streamline processes.

Tom Naratil and Iqbal Khan are sitting in a conference room in UBS’s Weehawken office overlooking the Hudson River when Euromoney arrives to interview them. 

Naratil, an American history buff, is sharing the story of Alexander Hamilton’s death by duel – close to UBS’s office and memorialized in a statue outside – leading Khan, born in Pakistan and relocated to his mother’s native Switzerland as a child, to joke that his new role is an education in America. 

It’s surprising to see the two side by side and so at ease. A year ago the idea that they would be working together seemed ridiculous. Back then, Naratil’s right hand man was Martin Blessing, who had taken up his co-head role of UBS Global Wealth Management in February 2018. 

Khan, on the other hand, was running the international wealth management (IWM) business very successfully at Swiss rival Credit Suisse. 

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Helen Avery is a contributing editor. She covers social and environmental finance, and topics of diversity and ethics within the financial industry. Helen is also a director at the Green Finance Institute.
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