As well as saying it is evolving its regional structure into two distinct Florida markets, the Swiss bank said one of its veteran figures is stepping down.

UBS has appointed former JP Morgan figure Rick Penafiel to be market executive for South Florida, a newly-formed market segment for the Swiss bank’s operations in the US. 

Once Penafiel concludes his notice period, he will lead a business that includes wealth centers Miami, Aventura, Fort Lauderdale, Boca Raton and Palm Beach.

In his new role, he will report to Julie Fox, Southeast regional director, and will be based in Boca Raton.

Penafiel has worked for more than three decades in wealth management. At JP Morgan Wealth Management, he was most recently managing director and regional director of the Northeast Region, which included the Boston, Philadelphia, Washington, DC, and New Jersey markets. Prior to that role, he led JP Morgan’s Palm Beach and Miami wealth management markets. He also spent more than a decade at Bear Stearns & Co. Penafiel began his career in financial services at PaineWebber. 

UBS is developing its Florida regional structure by creating two distinct markets: South Florida and Greater Florida.

The bank said that 19-year UBS veteran Lane Strumlauf intends to step down from his role as Florida market executive later this year in order to explore new opportunities. UBS said it will soon say who will be a market executive to oversee the Greater Florida market, which includes Naples, Fort Myers, Sarasota, Tampa, Clearwater, St Petersburg, Orlando, Gainesville and Jacksonville. 

During his tenure at UBS, Lane served in senior leadership roles, most recently as Florida market executive, where he oversaw the firm’s wealth management and private wealth management businesses across 34 branch offices statewide. In 2024, he received UBS’s Ed Connelly Award and the John Lester Award.

In recent moves, UBS has announced the opening of new offices in Ponte Vedra, Fort Myers and Coral Gables, with an additional new Boca Raton office underway, expected to be completed by late 2026. UBS has also announced office renovations and enhancements in Fort Lauderdale and Naples, with further investments planned later this year and into 2027.