UBS Group AG has started combining businesses that serve U.S. and international clients into one unified global wealth management structure, Reuters reported.

The Swiss lender is merging regional teams in charge of products and services for alternative investments, investment mandates and partnerships, according to the newswire, which cited an internal memo. UBS said the North American and international divisions would maintain distinct business models, with the U.S. serving customers through a brokerage model.

Jason Chandler and Christian Wiesendanger, co-heads of UBS' Investment Platforms and Solutions team, told employees that the new setup will enable the Swiss bank to provide clients access to its full product suite across wealth management.

Jerry Pascucci, formerly head of alternative investments in the U.S., will be responsible for the global alternatives team, effective April, according to the memo. Roman Berri and Jake Elmhirst will be in charge of private markets and hedged strategies, respectively, out of Zurich and London.

Bruno Marxer, head of global investment, will be responsible for the lender's mandates business, which will expand its U.S. offering through a new subdivision. A global partnerships team, to be led by Greg Toskos, will provide a single contact point for third-party investors and UBS' asset management and investment banking units, according to the report.