UBS AG has let go the heads of its wealth management business in Canada, and is consolidating the operation of the business under the head of asset management.
A New York-based spokeswoman for UBS said that wealth management CEO Grant Rasmussen was no longer with the firm. Also gone are Sam Sivarajan, a managing director in wealth management, and Graeme Harris, UBS's always-helpful Canadian spokesman. Marcel Larochelle, the head of asset management, will take over Mr. Rasmussen's duties.
The rationale for the move? Growth and synergies. But given that elsewhere in the world, UBS continues to run wealth management and asset management separately, that sounds hollow. Just as possible is that UBS's wealth management business in Canada isn't of a scale to require its own management team.
Here's the firm's official statement:
"UBS is integrating the leadership of its Wealth Management and Global Asset Management businesses in Canada. Effective immediately Marcel Larochelle will become CEO of UBS Bank Canada in addition to his current responsibility as CEO of UBS Global Asset Management Canada. UBS has identified tremendous growth opportunities for these businesses, and we look forward to providing a more holistic approach and even greater value for our clients in the region."