UBS GROUP is reorganizing its wealth management business in Europe. — REUTERS

ZURICH — UBS Group is reorganizing its flagship wealth management business in the Europe, Middle East and Africa region and streamlining management, according to a staff memo seen by Reuters and confirmed by the Swiss bank.

Christl Novakovic will continue to lead its European business. Caroline Kuhnert was appointed head of Central and Eastern Europe and Ali Janoudi head of the Middle East and Africa, the memo said.

It marks the first big change since former Credit Suisse executive Iqbal Khan joined UBS as co-head of wealth management last year. UBS is with world’s biggest wealth manager with $2.5 trillion in invested assets.

It did not specify the extent of job cuts to accompany the revamp.

UBS said it was expanding its global family office group, aligning coverage of ultra high net worth clients to regional business units and enhancing its high net worth offering, adding that it was expanding partnerships within the investment bank and asset management arms.

“The new approach will provide (wealth management) clients with an enhanced offering, more competitive conditions, and faster execution thanks to regionally aligned structuring and origination. This will allow us to more easily satisfy client demand and meet our 2018 investor update ambition of $20-30 billion in net new loans per year,” the memo said. — Reuters