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UBS names global wealth management chief

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NEW YORK (Reuters) -UBS Group AG, the world’s biggest wealth manager, on Monday named Iqbal Khan the sole head of the Swiss bank’s global wealth management division in an executive board reshuffle.

Khan will take over in October when Tom Naratil, who had been Khan’s co-president of global wealth management and president of UBS Americas, steps down, according to a press release from the bank.

Naureen Hassan, the second-ranking officer at the New York Federal Reserve, will replace Naratil as president of UBS Americas. Hassan served as first vice president and chief operating officer at the New York Fed, and prior to that worked at Morgan Stanley, the largest U.S. wealth management firm.

The changes come as UBS, under Chief Executive Ralph Hamers, works to leverage technology and integrate recent fintech acquisitions to increase revenues, expand its client base and cut costs.

Under Naratil, UBS in the Americas agreed to pay $1.4 billion for the U.S.-focused digital investing platform Wealthfront, which has more than $27 billion in assets under management and about 470,000 clients.

(Reporting by Elizabeth Dilts Marshall; Editing by Chris Reese and Richard Chang)