Swiss banking giant UBS has selected its operations chief Ulrich Koerner to run its asset management business when its current head John Fraser retires next year.
Koerner will take over his new role on 1 January 2014 and will also retain his position as CEO of Europe Middle East and Africa.
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Tom Naratil, currently group CFO, has been named new chief operating officer.
In his new role, Naratil will work on group technology, group operations, corporate services and the firm’s industrialization program.
Additionally, UBS is restructuring its corporate centre organization. As part of the change, group human resources, communications & branding and group regulatory relations & strategic Initiatives (GRR&SI) will report directly to group CEO Sergio Ermotti.
As part of the restructuring, UBS’s compliance, conduct and operational risks, compliance and operational risk control will be merged to form a new function reporting to Philip Lofts, group chief risk officer.
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By GlobalDataAlso, UBS’s group security services function will also move to the group chief risk officer area.
Ermotti said: "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."
