Independent Zurich-headquartered wealth manager Marcuard Heritage has hired a former managing director in UBS’s wealth management division as chief investment officer, the firm said in a statement.

Dr Hansjoerg Borutta, who had spent 16 years at UBS, will take up his new role today. He is noted for heading and developing the hedge fund business between 2004 and 2008 while at UBS. Dr Borutta was also a member of the UBS investment committee and headed the investment committee for hedge funds from 2003 to 2008.

Prior to joining UBS he was with Oxford Economic Forecasting in the UK and Basel Economics in Switzerland.

Marcuard Heritage has offices in Zurich, Moscow, London, Singapore and Limassol in Cyprus.