UBS is enlisting Remi Mennesson to set up a financing team in a bid to provide better and faster service for its wealthiest clients, according to a memo seen by finews.com. Mennesson is a discreet Swiss banking heavyweight and 20-year veteran of Credit Suisse, where he was a key ally of top private banker Iqbal Khan. 

At Credit Suisse, Mennesson led a strategic transactions unit that catered financing solutions to ultra-high net worth clients, generally viewed as those with more than $30 million in bankable assets. Khan and his co-head Tom Naratil have renewed emphasis on the segment by carving it out into a smaller group in January, as finews.com reported.

Mennesson, a managing director at Credit Suisse, will join UBS in November. He will report to four co-presidents: investment bank co-bosses Rob Karofsky and Piero Novelli as well as Khan and Naratil. A spokesman for UBS confirmed the contents of the memo, which was first reported by «Reuters» overnight.