Wilmot-Sitwell will be based in Hong Kong and will take over his new role on 1 November 2010.

According to the company, Carsten Kengeter, currently co-CEO UBS Investment Bank, will become sole head of the Investment Bank.

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UBS group CEO Oswald Gruebel said that the Asia Pacific is a key strategic priority for UBS. Alex’s strong leadership, relentless client focus and proven track-record, combined with Chi Won’s in-depth industry experience, commercial success and understanding of the region will ensure that UBS will continue growing its leading franchise.

“Alex and Carsten were instrumental in turning around the position of our Investment Bank. As such I am convinced that Carsten will continue leading the Investment Bank towards sustainable success in line with our mid-term targets," Gruebel said.

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