By John Revill
ZURICH--Switzerland's second-largest bank by assets, UBS AG,
said Monday it had appointed Mark Haefele as chief investment
officer of its wealth-management and private-banking operations,
succeeding Alexander Friedman.
Mr. Haefele, 43 years old, previously reported to Mr. Friedman,
who is leaving the Zurich-based bank. UBS didn't say where Mr.
Friedman was going.
UBS's wealth-management business has become more important to
the lender in the wake of the financial crisis as it moved to slim
its investment bank. The bank's wealth management arm oversees some
899 billion Swiss francs ($990 billion) in assets, while its
Americas wealth management business looks after $987 billion.
The bank is planning to expand in emerging markets and Asia.
Mr. Haefele joined UBS in 2011. Prior to joining the bank, he
was a managing director at Matrix Capital Management.
Write to John Revill at John.Revill@wsj.com
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