Ulrich Koerner is new UBS head of global asset management
Zurich-based UBS Ag has named Ulrich Koerner as its new Head of Global Asset Management. He will be taking over John Fraser, who is set to retire by the end of this month. In a statement, Switzerland's largest lender said Koerner will assume the post starting January 1 next year. Fraser had headed the global management business of UBS since 2001.
Meanwhile, Chief Financial Officer Tom Naratil will assume the duties of Chief Operating Officer, the position that Koerner will vacate. Koerner will still continue with his current responsibilities as the Chief Executive Officer of the bank's operations in Europe, Middle East and Africa. Fifty-one year-old Koerner previously worked with Credit Suisse Group before he joined the UBS team in 2009.
In a statement, UBS Chief Executive Officer Sergio Ermotti said about the management changes, "I would like to thank John Fraser for the lasting contribution he has made as a leader, an executive board member and a colleague over the last 20 years. As we enter the next phase of our strategic transformation, I know I can draw on the proven leadership of my colleagues on the group executive board to continue effectively executing on our plans."
UBS also said it was making changes to the organization of its corporate center. The group human resources, communications and branding, as well as group regulatory relations and strategic initiatives will now be reporting directly to Ermotti. The compliance and operational risk control will be fused together to fulfill new functions. The merged group will then report directly to Chief Risk Officer Philip Lofts. It will also be working closely with the bank's legal department, which is under the leadership of UBS General Counsel Markus Diethelm.
UBS provides wealth management, asset management and investment banking services. The bank also gives various financial services to various clients around the world.