(Repeats to add additional reporting credit)
By Joshua Franklin and Oliver Hirt
ZURICH, March 2 UBS plans to appoint a
new head of its wealth management business in Latin America, two
people familiar with the matter told Reuters.
The Swiss bank's current Latin America wealth management
head, Alexander van Tienhoven, joined UBS from Citi in
March 2015 but is expected to leave the bank in the next few
weeks, according to both sources.
A possible replacement for van Tienhoven is his predecessor,
Gabriel Castello, although this has not yet been confirmed, the
UBS's Latin America business suffered a setback last year
when rival Credit Suisse poached at least a dozen of
its wealth managers in Mexico, one of the people said.
UBS does not comment on speculation or about its employees
in general, a bank spokesman said, declining to make van
Tienhoven available for comment.
The management change would come as private banks confront
withdrawals in Latin America, where wealthy clients are taking
advantage of government programmes letting them declare untaxed
With tax amnesty programmes in countries like Argentina and
Brazil, many clients are taking money out of their accounts to
pay taxes and penalties.
UBS, the world's biggest wealth manager, suffered 4.5
billion Swiss francs ($4.5 billion) in net outflows in the
fourth quarter in its emerging markets business.
($1 = 1.0098 Swiss francs)
(Additional reporting by Guillermo Parra-Bernal in Sao Paulo;
Editing by Michael Shields)