Robert Wolf, a high-ranking executive at Swiss banking firm UBS AG (NYSE: UBS) and one of President Barack Obama’s biggest fundraisers, is leaving the bank to start his own investment advisory firm.
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The bank announced Wolf’s departure after 18 years at UBS in a memo Thursday to employees. Wolf's new firm is called 32 Advisors, and UBS is one of his first clients.
Wolf was serving as president of UBS’ investment banking unit. He will continue to act as an advisor to the bank through his new firm.
"While I am excited about this next phase of my career and establishing my own firm, I am also pleased to remain engaged with UBS and continue contributing to the company’s growth and progress,” Wolf is quoted in the memo.
An April profile of Wolf in the Wall Street Journal described him a one of the president’s closest allies on Wall Street. The president has frequently been critical of Wall Street, broadly labeling top financiers in some speeches as “fat cats.”