John Mathews has taken over from Jason Chandler as head of private wealth management within UBS' US brokerage unit, as the Swiss bank looks to grow its ultra high net worth business in the Americas.

Chandler previously oversaw the private wealth unit, which caters to UHNW clients with over $10 million in investable assets and includes about 340 advisors, as well as the wider Americas advisory force of some 7,000 brokers.

Going forwards, Chandler will continue to oversee the broader advisor group, but Mathews, who was previously a regional director in the southeast US, will lead the UHNW unit. 

Both men report to Bob Mulholland, head of wealth management and investment solutions for UBS in the Americas.

“We think it's better served as a separate unit,” Mathews is quoted as saying in a Bloomberg report. He added that the UHNW segment is the firm’s fastest-growing client segment. “We're in a position to help not only with their investments, but also with their other planning needs,” he said.

Mathews now oversees all of UBS' private wealth offices in the US, which include branches in New York, Boston, Chicago, San Francisco, Atlanta, Houston, Los Angeles, Miami and Stamford, CT.

He started his career as an advisor at E F Hutton & Co in Tampa, FL. He then joined PaineWebber in 1994, and ultimately joined UBS through the Swiss firm's acquisition of PaineWebber.