World News: 06:36 GMT Thursday 29th August 2019. [Yahoo Business News Feed via SPi World News]
The world's largest wealth manager UBS on Thursday appointed former Credit Suisse manager Iqbal Khan and Citigroup veteran Suni Harford as new wealth and asset management executives. Khan, Credit Suisse's former head of International Wealth Management who is seen as a rising star with potential for one of the big banks' top jobs, will replace former Commerzbank head Martin Blessing as UBS wealth management co-head alongside the US-based Tom Naratil. After benefiting from a shift to the traditionally steady wealth management business years ahead of rival Credit Suisse, UBS has recently been hit by a slew of troubles - from cash hoarding by wealthy clients to a multi-billion euro legal fight in France and questions over whether it will keep or sell its asset management division - leading to speculation the bank might need to refresh its strategy.
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