A prominent Indian-American finance executive, Naureen Hassan, has been appointed President of UBS Americas and CEO of UBS Americas Holding, according to the Switzerland-based financial giant.

Currently, Hassan is the first vice president and chief operating officer of the Federal Reserve Bank of New York (FRBNY). She will also be serving on UBS Group’s Executive Board, according to a press release by UBS Americas.

Hassan will join in the leadership role in October this year and will succeed Tom Naratil, the Zurich and Basel-headquartered company said in a press release.

UBS Group AG is a multinational investment bank and financial services company founded and based in Switzerland.

Co-headquartered in the cities of Zurich and Basel, it maintains a presence in all major financial centres as the largest Swiss banking institution and the largest private bank in the world.

She will become a member of UBS’s Group Executive Board in October 2022. Hassan this week stepped down from her role as the First Vice- President and Chief Operating Officer at The Federal Reserve Bank of New York, where she was the New York Fed’s second-ranking officer.

UBS said in a statement that in her new role, Hassan will be responsible for driving client relationships, promoting cross-business collaboration, navigating the evolving public policy landscape, and ensuring sound regulatory and reputational risk governance.

In addition, she will lead the firm’s strategic growth and digital initiatives in the Americas region, including the transformation of the firm’s Wealth Management Americas Platform, expansion of digitally customised banking services, implementation of the Wealthfront acquisition upon closure, and the rollout of UBS Circle One in the region.

Prior to joining the FRBNY, Hassan was the chief digital officer for Morgan Stanley Wealth Management where she was responsible for the business’s digital transformation.

Before Morgan Stanley, she was the executive vice president leading Investor Services strategy, segments and platforms at Charles Schwab Corporation and a member of the firm’s Executive Committee.

She also held various business transformation, strategy, and client experience leadership roles at Charles Schwab Corporation. She began her career at McKinsey & Company.

Group Chief Executive Officer Ralph Hamers said he is delighted to welcome Hassan to UBS as President of UBS Americas.

In a statement announcing her departure from The Federal Reserve Bank of New York, Hassan said: “I have been so impressed with the incredible commitment of New York Fed employees and the great work that they do. It has been a privilege for me to have served alongside such dedicated public servants and to have contributed to the Bank’s mission.” Hassan, whose parents had immigrated from India, is a 25-year veteran of the financial services industry with expertise in strategy, digital transformation, cybersecurity and regulatory/risk management.

She holds a BA from Princeton University and a Master of Business Administration from the Stanford University Graduate School of Business.

Texas Governor Greg Abbott has named Arun Agarwal, Indian-American philanthropist and the CEO of a Dallas-based home textile company, to the Texas Economic Development Corporation’s (TxEDC’s) Board of Directors.

Governor Abbott tapped Agarwal, along with eight other Texas executives, to market the state nationally and globally to relocate a business and create new jobs.

“Their efforts will be instrumental in amplifying the success of TxEDC in promoting Texas as a premier business destination,” Abbott said in a statement.

Agarwal is the CEO of home textile company NEXTT.

“This is a tremendous honour for the Indian-American diaspora in the United States,” said Agarwal.

“The Governor realises the tremendous power our community holds in this country as the hardest-working, highest-earning ethnic minority, and, together, we hope to make Texas the most successful hub for small and large business owners globally,” he said.

Texas Governor Greg Abbott has reappointed eminent Indian-American businessman and philanthropist Ashok A K Mago to the University of North Texas System Board of Regents.

This is the second consecutive term for Mago, who is also the founding chairman of the Greater Dallas Indo-American Chamber, now known as the US-INDIA Chamber.

The Board of Regents is the governing body for the University of North Texas System.

Mago, who has roots in Haryana, is a recipient of the Pravasi Bhartiya Samman in 2010 and Padma Shri in 2014. He was instrumental in the founding of the Senate India Caucus, which is the only country-specific caucus in the United States Senate.

A board member of the Primary Care Clinic of North Texas, Salvation Army of North Texas Advisory Board, and UT Southwestern Simmons Cancer Centre Community Advisory Board, Mago has previously served as director on the Dallas Fort Worth International Airport Board and as a member of the Dallas Regional Chamber Board and Executive Board.

The Indian-American also previously served as the Commissioner of the City of Dallas Plan and Zoning Commission and is the past governor of District 2X1 Lions Club International.

A distinguished alumnus of Leadership Dallas and the University of Texas at Dallas, Mago received a bachelor’s degree from Delhi University and a Master of Business Administration from the University of Texas at Dallas.

US Vice President Kamala Harris, at the Indian American Impact Project Summit and Gala in Washington DC on 23 May, praised the Indian-American community in the country for engaging within America’s political system.

The policy sessions focused on the climate crisis, civil rights, educational equity, healthcare access, and equity. The event that commenced on May 18 aimed at commemorating the AAPI Heritage Month, and included not only politicians but also celebrities and philanthropists.

Harris referred to her mother’s work in cancer research and heralded the values of “dreaming with ambition” taught by her, which, she said, made an impression on her throughout her life.

“Every day, in communities across our nation, you are advancing equality, opportunity, and justice. You are inspiring the next generation of leaders, and in particular – the next generation of South Asian leaders.”
Kamala Harris, United States Vice President

Some sessions during the summit also focused on women leaders running for office, and youth leaders who play a crucial role in mobilising the South Asian community.

“Let us always remember, what brought us to this moment and continue to dream with ambition, continue to lead with conviction, continue to strive to do the impossible.”
Kamala Harris, United States Vice President

The executive director of Indian-American Impact, Neil Makhija, highlighted that South Asians had historically been “overlooked, underestimated, and underrepresented politically.” However, with so many community leaders coming together during the summit, “it is clear that it is a thing of the past,” Neil said.