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.