UBS revamp prompts hiring of ex-Deutsche CIO

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UBS hired Kevin Lecocq as its global head of products in asset management, a new position, as the firm revamps the unit to boost profitability.

Bloomberg News reports that Lecocq, who was most recently the global chief investment officer of Deutsche Bank’s wealth management business, will join next month in Zurich.

Koerner, 51, who took over the asset management division this year, is seeking to boost annual pretax profit to $1.1bn in the medium term from 576 million francs last year. He aims to strengthen investment performance, expanding UBS’s exchange-traded funds offering and creating a dedicated sales team for wealth management clients, who have invested assets of $1.92 trillion with UBS.

'To provide superior products for our clients, we must have best in class product development and management capabilities,' Koerner said in the memo. 'Efficiency and speed to market, with the right products in the right wrappers, will be vital.'

Hit the link below to access the complete Bloomberg News article:

UBS Hires Kevin Lecocq, Shuffles Leadership in Revamp

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