Head of UBS’s American arm quits to set up own business

ROBERT Wolf, chairman of UBS in the Americas, is leaving the Swiss bank to start his own consultancy firm.

He has been a prominent associate of President Barack Obama and is a major fundraiser for his re-election campaign.

Wolf’s new firm is called 32 Advisors, after the squad number he wore while playing American Football for the University of Pennsylvania.

Bob McCann, chief executive of UBS Americas, yesterday sent a memo to employees explaining the situation, adding that the bank will become 32 Advisors’ first client when Wolf officially leaves at the end of the month.

“He will continue to work on current mandates, pitches and generating new business for UBS,” the memo said.

Wolf has worked at UBS since 1994 and leaves as president of UBS’s global investment banking business.

Last month reports suggested the UBS board was exasperated by Wolf’s high profile association with Obama and decided to enforce tights restrictions on his communications with the media.