Swiss bank UBS AG's U.S. brokerage unit has named a new head for its private wealth management division, as the company looks to expand its business catering to clients with $10 million or more in investable assets.
John Mathews, who had been a regional director in the southeast United States, has been tapped to lead the firm's ultra-high-net-worth unit, which includes roughly 340 of the firm's 7,000 brokers. He takes over the role from Jason Chandler, who had been overseeing the unit and the broader adviser force.
Chandler will continue to oversee the adviser group. He and Mathews report to Bob Mulholland, head of wealth management and investment solutions for UBS in the Americas.
UBS Wealth Management Americas, formed out of the old PaineWebber brokerage, is the fourth-largest brokerage in the United States, following Morgan Stanley's wealth management unit, Bank of America Corp's Merrill Lynch and Wells Fargo & Co's Wells Fargo Advisors.
Morgan Stanley Wealth Management and Merrill Lynch also have divisions catering to the firm's wealthiest clients.
Mathews, who started in his new job on April 23, oversees all of UBS' private wealth offices in the United States, which include branches in New York, Boston, Chicago, San Francisco, Atlanta, Houston, Los Angeles, Miami and Stamford, Connecticut.
He started his career as an adviser at E.F. Hutton & Co in Tampa, Florida, later joining PaineWebber in 1994, and eventually UBS through its acquisition. Since then, he has worked as a branch manager, complex manager and regional director for the firm.
(Reporting by Ashley Lau in New York; Editing by Steve Orlofsky)