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UBS names former Morgan Stanley veteran as the new chairman

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Colm Kelleher will succeed Axel Weber as the new chairman

Swiss multinational investment bank and financial services company UBS has announced the appointment of Colm Kelleher as the new chairman, media reports said. Kelleher, who previously served as the President of Morgan Stanley, will replace the outgoing Axel Weber. Kelleher retired earlier in 2019 after a three-decade long stint with Morgan Stanley.

With regard to the appointment, Weber said in a statement, “UBS is pleased to propose a Board member and future Chairman who has a deep understanding of the global banking landscape. His more than 30 years of leadership experience in banking and excellent relationships around the world make Colm an ideal fit for UBS.”

Earlier this year, it was reported that UBS Group is planning to expand its coverage in the Middle East with a new wealth desk in Dubai. The same has been revealed in an internal memo. The new wealth desk will be headed by former Credit Suisse banker Georges El Khoury.

The memo, which was seen by Reuters said, “The new desk will be in charge of markets onto which we will put increased focus out of this location going forward.”

Earlier this year, UBS hired Tarek Eido, as head of wealth management in Qatar as part of plans to open a wealth management office in Doha, Qatar.

In August, it was reported that UBS entered into a joint venture with Sumitomo Mitsui Trust to form a wealth management firm in Japan. The new firm is called UBS SuMi TRUST Wealth Management. While UBS owns 51 percent of the JV, the remaining 49 percent is owned by Sumitomo Mitsui Trust.

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