A 25-year veteran of UBS‘s private funds and wealth management business is set to leave the investment bank.
Jake Elmhirst announced his departure on Tuesday in an email that was relayed to Private Equity International. The email did not mention his next move and Elmhirst declined to comment when approached by PEI.
Elmhirst was most recently head of private market content at UBS Wealth Management. Based in London, he helped launch its partnership with Partners Group, offering illiquid investments to the bank’s wealthy individual investor base, PEI reported in November.
He has been replaced by UBS Wealth Management’s co-head of alternative investment solutions Johannes Roth, who will do both jobs, according to a source with knowledge of the matter. Zurich-based Roth was hired in February from alternatives manager FiveT Capital, where he was chief executive, PEI understands.
Elmhirst was a founding member of UBS’s private funds group, which encompasses fundraising and secondaries advisory, according to the email.
He relocated from London to Stamford, Connecticut in 2000 to help build out the group’s US platform, becoming co-lead of the US business in 2003 alongside managing director and global head Richard Allsopp. Elmhirst would later become global co-lead of the UBS PFG before moving into wealth management in 2017, according to his LinkedIn profile.
UBS PFG is led by Kevin Kuryla. Marc Wursdorfer is head of EMEA, Javad Movsoumov head of Asia-Pacific and Philip Tsai head of secondaries market advisory, according to its website.
UBS said it did not comment on individuals.