UBS Global Asset Management, the subsidiary of Swiss private banking giant UBS, has announced a new head for Asia-Pacific, according to an internal memo seen by WealthBriefingAsia.

UBS Global Asset Management, the subsidiary of Swiss private banking giant UBS, has announced a new head for Asia-Pacific, according to an internal memo seen by WealthBriefingAsia.

With effect from 1 July 2014, Rene Buehlmann joins the firm as head of Asia-Pacific and will become part of the executive committee reporting to Ulrich Koerner, and the group Asia-Pacific executive committee reporting to Chi-Won Yoon. Buehlmann is currently the global head of the fund distribution business, which includes alternative investments, and the head of investment products and services [IPS] in Hong Kong. The IPS arm will announce his successor in due course.

He takes over from Kai Sotorp, who has left to join Manulife to become its new chief executive of the asset management unit. Sotorp will be based in Toronto for his new post. Both Buehlmann and Sotorp will be working together until the end of June to ensure a smooth transition.

The news comes just shortly after the bank announced Mark Haefele as the new global chief investment officer for UBS Wealth Management, as reported by this publication.