UBS-Khan wants to acquire huge amounts of new client assets
According to Iqbal Khan, Head of Asset Management, the apex bank wants to achieve its targeted net new fund flow of $150 billion annually, among other things, by expanding its business in the United States.
According to Iqbal Khan’s statement, clients expect UBS to be a counterpart to the oligopoly of US banks.
Photo: Laurent Gilliron/Keystone
UBS has set itself ambitious growth targets. “In the next three years, we want to invest heavily in the USA and catch up with the leading providers,” Iqbal Khan, head of global asset management, told the current NZZ am Sonntag newspaper.
Clients expect UBS to be a counterpart to the oligopoly of US banks. “We have a unique opportunity to be a fully global bank headquartered in Switzerland,” Khan said. The bank has set itself a goal of obtaining $150 billion in new client assets annually.
Regarding concerns that UBS’s size could become a risk, Khan explains: On the contrary, its global presence is an advantage because it provides more stability and makes the business more predictable.
Building trust among CS employees
Khan wants to build the trust of former CS bankers who have now joined UBS with “transparency and presence”. “Employees want clarity so they can deal with difficulties. This applies to all employees. The distinction between CS and UBS is not important to me,” he stressed.
It is crucial that integration be carried out fairly, transparently and in accordance with meritocratic standards. “Everyone should be able to clearly understand that we have selected the most capable and suitable person for each position.”
Khan rejects Greensill’s criticism
Khan also rejected claims that he was partly to blame for the Greensill Funds’ bankruptcy because he was a member of the management team at Credit Suisse until 2019. “I have never met Mr. Greensill and have never had a conversation with him.” In addition, FINMA’s internal or external investigations found no misconduct on his part.
However, he didn’t want to say anything about Archegos. “It is not my job to comment on Archegos. “It’s none of my business,” he said tersely.
Khan, 47, is one of the contenders to one day succeed CEO Sergio Ermotti. However, Khan explained that this discussion comes too early, especially since Ermotti’s footsteps are huge. “The collaboration is great,” he told Ermotti himself. He is a tough but fair president. “Sergio is a stroke of luck for our bank.”
OB/Reuters
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