Indian American Naureen Hassan will be the new President of UBS Americas and succeed long-time chief, Tom Naratil, from 3 October.
Currently, Hassan is the first vice president and chief operating officer of the Federal Reserve Bank of New York. She will also be serving on UBS Group's Executive Board, according to a press release by UBS Americas.
UBS Americas happens to be a subsidiary of the Zurich, Switzerland-based UBS Group AG, which is one of the world's largest wealth manager.
Having grown up in south central Pennsylvania, Hassan earned her undergraduate degree in economics from the Princeton University and then an MBA from Stanford University Graduate School of Business. She is also the second highest-ranking officer at the New York Fed in addition to being an alternate voting member of the Federal Open Market Committee, the group that sets the United States monetary policy.
Hassan began her career as a business analyst and associate principal at McKinsey & Company and was the Chief Digital Officer of Morgan Stanley prior to joining the New York Fed.
Hassan's father, Javad K Hassan, is a Washington DC-based technology leader, who emigrated to the US from Kerala, India.
UBS Group CEO Ralph Hamers reiterated the strategic importance of the Global Wealth Management business in the US, according to the company press release.
In her new role, Hassan "will lead the firm's strategic growth and digital initiatives in the Americas region, including the transformation of the firm's Wealth Management Americas Platform, expansion of digitally customised banking services, implementation of the Wealthfront acquisition upon closure, and the rollout of UBS Circle One in the region."
In other personnel changes at the UBS Americas, Iqbal Khan will become the sole president of Global Wealth Management. Since 2019, Khan served as co-president along with Tom Naratil.
Khan was chosen for the new role because of his background as a financial and regulatory auditor and "relentless focus on client outcomes and commercial impact."
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