UBS Group AG has restructured its U.S. wealth management division to boost profitability and support its growth strategy in a critical market. Barron's reports that the firm will reorganize its wealth advisor operations from two divisions into four regional units. Additionally, UBS plans to create a team dedicated to international clients and establish an advice center, according to a staff memo from U.S. country president Rob Karofsky and Michael Camacho, head of U.S. wealth management.   

The restructuring aligns with Chief Executive Officer Sergio Ermotti's broader plan to expand UBS's presence in the U.S. beyond integrating Credit Suisse. UBS is actively pursuing a broader banking license in the U.S. and leveraging its enhanced investment banking capabilities, bolstered by the Credit Suisse acquisition, to attract entrepreneurs and high-net-worth individuals to its private banking services.

UBS also aims to enhance offerings for its wealthiest clients. The firm announced the creation of a new Ultra-High Net Worth Plus segment, tailored to clients with assets exceeding $50 million. This initiative underscores the company's commitment to providing specialized services to its elite clientele.

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