Swiss private banking group UBS has appointed Heinrich Baer as the new head of its wealth management (WM) business in Luxembourg, with effect from October this year.
Baer will also join the UBS WM EMEA management committee. He will replace René Motta, who will move to Switzerland to take on a new responsibility within the bank.
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Mottas spent seven years in the Benelux countries, while Baer most recently served as the head of affluent and international markets in wealth management.
The reshuffle follows the Swiss bank’s announcement to acquire the Luxembourg-based private banking business of Nordea. Following the completion of the deal, which is anticipated in the second half of this year, UBS will have a headcount of over 600 in its Luxembourg office.
Earlier this year, UBS strengthened its regional teams with a series of appointments. These include the appointments of Karan Sejpal as the head of its new London HNW team, Simon Pearson as the head of North West, and Aidan Dunstan as head of North East and Yorkshire.
