(29th September 2010 – Asia) UBS has announced that top executive Alex Wilmot-Sitwell will move to Hong Kong to become co-chief of the Asia Pacific alongside Chi-Won Yoon.Mr Wilmot-Sitwel was previously in charge of the overall investment bank alongside Carsten Kengeter, who will now lead the investment bank on his own.
While Mr Yoon will still remain in the position of chief executive, however is to now share his command with Mr Wilmot-Sitwell, a former Warburg Dillon Read investment banker.
The bank’s overall UBS chief executive Oswald Gruebel said in a statement that Asia Pacific was 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 we will continue growing our leading franchise, Mr Gruebel added.
Mr Wilmot-Sitwell’s move leaves Mr Kengeter, who has been given approval by CEO Gruebel to step more decisively back into fixed-income trading, in sole charge of the investment bank.
In 2009, Mr Kengeter was UBS’s highest paid earner, receiving about A$13.9million in stock and cash.