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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.