UBS Global Asset Management chief executive and chairman John Fraser is set to retire from the firm at the end of the year.

Fraser has been with the group since 1993, joining Swiss Bank Corporation in Australia before it merged with Union Bank of Switzerland in 1998 to form UBS, and has held the CEO role at the firm’s asset management arm since 2001.

A statement from UBS says: “Under his leadership, Global Asset Management has developed from a localised organisation into a focused large-scale asset manager with a diversified mix across regions, capabilities and distribution channels.”

Fraser will retire on 31 December 2013 and will be succeeded by Ulrich Koerner, who is currently group chief operating officer. He will hold his new role in addition to his position as CEO Europe Middle East and Africa.

In his time as COO, Koerner has played “an instrumental role” in strategic initiatives such as the realignment of UBS’s corporate centre, the design and set-up of the firm’s industrialisation programme and the bank’s cost reduction efforts.

Source: Fundweb.  Read full article here.