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RPT-UBS eyeing new LatAm wealth management head -sources
March 2, 2017 / 3:54 PM / 9 months ago

RPT-UBS eyeing new LatAm wealth management head -sources

(Repeats to add additional reporting credit)

By Joshua Franklin and Oliver Hirt

ZURICH, March 2 (Reuters) - 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 people said.

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 assets.

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

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