UBS’ leadership moves follow recent high-profile departures of senior Gulf bankers, including some hired not more than two years ago
Swiss multinational major UBS Group is relocating its senior executives within the Europe, Middle East, and Africa (EMEA) wealth business set-ups to bolster operations in the Gulf region.
Christl Novakovic, currently heading the EMEA wealth business, will move to the Middle East in late 2026. Niels Zilkens, regional head of wealth management, will relocate to Doha, as per an internal memo seen by Bloomberg.
“The Middle East is central to our growth ambitions, offering significant long-term opportunities for both our business and our clients,” said UBS global co-head of wealth management Iqbal Khan and Middle East president Beatriz Martin Jimenez in the memo.
Toby Vogel will lead WM Europe Domestic, SE, Monaco, Spain & Portugal, UK, Jersey & Guernsey. He will also continue in the role as CEO of UBS Europe SE (a major German-incorporated wholly-owned subsidiary of UBS Group). Carl von Wrede will head GFIW EMEA (Global Family Office and Institutional Wealth Solutions), covering both international and European domestic.
“Gianluca Gera will newly lead the combined WM Europe International division, bringing together the Northern and Southern regions. WM Eastern Europe, Israel, Africa & Overseas will be headed by Katya Lehmann,” the memo further stated.
The leadership moves follow recent high-profile departures of senior Gulf wealth bankers, including some hired not more than two years ago. The departures included bankers Rana Al Imam and Ali Khonji, hired from HSBC in 2024. The bank had hired Al Imam to expand its business in Abu Dhabi, while Khonji had been tasked with running its wealth unit in Bahrain and Saudi Arabia’s Eastern Province.
In response, UBS recently appointed Borja Martinez-Laredo to lead its Abu Dhabi office, immediately after announcing the opening of a new branch there. The bank maintains additional Gulf operations in Dubai, Riyadh, Qatar, and Bahrain.
Novakovic, a UBS veteran for over 15 years, stated that the EMEA wealth business will be organised into five coverage sectors from 1st June, allowing her to focus on supporting the Middle East team’s growth initiatives.
