UBS Hires Lecocq, Shuffles Leadership in Asset-Management Revamp
Oct. 9 (Bloomberg) — UBS AG hired Kevin Lecocq from Deutsche Bank AG as its global head of products in asset management as Switzerland’s biggest bank revamps the unit to boost profitability.
Lecocq, who was most recently the global chief investment officer of Deutsche Bank private wealth management, will join next month in Zurich, Ulrich Koerner, who heads the asset management division, said in a memo to staff today. A spokeswoman for Zurich-based UBS confirmed the memo’s contents.
Koerner, who took over the asset management division this year, seeks to boost annual pretax profit to 1 billion Swiss francs ($1.1 billion) in the medium term from 576 million francs last year by strengthening investment performance and increasing collaboration with UBS’s wealth-management businesses with invested global assets of $1.92 trillion.
“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.”
Lecocq will be working together with teams in distribution, operations and marketing to manage the products and ensure “effective investment performance management” that will be tracked across various parameters, the memo said.
Koerner appointed Andreas Schlatter, who has been with the division for 18 years and currently heads asset management in Switzerland, as the global head of distribution. Sales will be managed regionally, with Schlatter heading Switzerland and Europe on an interim basis, Shawn Lytle leading the team in the Americas and Rene Buehlmann in Asia Pacific.
To contact the reporter on this story: Elena Logutenkova in Zurich at elogutenkova@bloomberg.net To contact the editors responsible for this story: Elisa Martinuzzi at emartinuzzi@bloomberg.net Simone Meier, Mark Bentley
