UBS reshuffle leaves Carsten Kengeter in charge of investment bank

29 September 2010

UBS has reshuffled some of its senior executives, leaving Carsten Kengeter as the new sole head of its investment banking division.

Mr Kengeter had been working as co-chief executive officer of the unit, but his partner in the role Alex Wilmot-Sitwell is moving to a new position in Asia.

Mr Wilmot-Sitwell has been appointed as co-chairman and chief executive officer of UBS's Asia Pacific operations and will work in the region jointly alongside Chi Won Yoon, who is already based there and was previously running operations in a solo capacity.

He is due to start his new role from November 1st 2010 and will be based in Hong Kong.

Oswald Gruebel, group chief executive officer of UBS, said: "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 we will continue growing our leadership franchise."

UBS's investment bank recently reported a CHF1.3 billion ($1.32 billion) profit for the second quarter of 2010, up ten per cent on the first three months of the year.

By Tony Aynsley

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