UBS hired Susan Elolampi from JPMorgan Chase to work with private equity firms and lead investment banking for family offices in the Americas.
Elolampi is joining as a managing director based in New York, according to a memo sent to staff Thursday from Max Justicz, UBS’s head of financial sponsors in the Americas, who added that “family office clients represent an important growth area” for the bank.
Wall Street is stepping up efforts to court ultra-high net worth individuals, as growing pools of wealth target investments in private companies. Elolampi spent 17 years at JPMorgan working with groups of financial sponsors, and more recently led an effort in North America that worked with about 55 families and reviewed several hundred more poised to make acquisitions.
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Apps aimed at the very wealthy have lagged behind those for other groups, but there's interest in developing them, especially ones that track total net worth.
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The firm scaled back its investment bank after the financial crisis to reduce risk and focus on its large wealth-management business.
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The smallest of UBS’s operating divisions is said to have eliminated at least 100 positions in areas including distribution over recent months.
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Erica Chase, a spokeswoman for UBS, confirmed the contents of the memo, while a JPMorgan spokeswoman had no immediate comment.
The Swiss firm, which has one of the world’s biggest wealth managers, has recently added a dozen managing directors and other senior-level bankers in recent months as Andrea Orcel, president of the global investment bank, pursues what he called a “ very aggressive plan” for the U.S.
Family offices have “become increasingly sophisticated and agile,” Justicz said in the memo. “Given our best-in-class wealth management franchise, it should come as no surprise that investing in a strong family office coverage effort is a top priority for the firm.”
