UBS has announced internally several structural and organizational changes to its Southern California private wealth and wealth management divisions, effective June 1.
According to an internal memo, Lauren Gorsche will serve as market head of the newly integrated private wealth management and wealth management operations in the metro L.A. market. She will continue to oversee the Los Angeles private wealth management branch and satellites, with added responsibility for the West L.A. complex, headed by Complex Director Kreg Pearless in an expanded role leading the Century City and Beverly Hills wealth management offices.
Gorsche will report to both Todd Locicero and Jennifer Povlitz. There will be no change to the existing West Coast private wealth management market structure or management team, led by Locicero.
Jim Kottoor will assume the role of market head for the newly created greater L.A. market, including Sherman Oaks, Bakersfield, Santa Barbara and Westlake Village – all formerly part of the West L.A. market – as well as Downtown L.A., Manhattan Beach and the new Pasadena complex. He will report to Povlitz, who is the west division director for UBS Wealth Management.
Leslie Chang has been named Pasadena complex director and will oversee Pasadena, Seal Beach, and Brea.
Justin Frame will serve as market head of the new Southern California market, which includes the former San Diego market division offices of San Diego, La Jolla, Carmel Valley, Rancho Bernardo, Riverside and Redlands, Indian Wells and Hawaii, as well as the Orange County offices of Newport Beach and Irvine.
“These changes will enable us to maximize collaboration opportunities across our teams and more effectively serve the needs of our large clients,” Povlitz wrote in the internal memo.
The restructuring comes as a couple of longtime employees step down from their roles at UBS. Jaron Singletary, who served as West L.A. market head, is stepping away to live abroad with his family and pursue his MBA. He is to return to UBS next year. Chris Marsh will pursue a career change at UBS after taking off this summer.
UBS has a big presence across the region, with more than 200 wealth advisors overseeing more than $130 billion in assets. UBS Financial Services Inc. ranked 12th on the Business Journal’s money management firms list last year and 4th on the securities brokerage list.