UBS AG, the world’s third-biggest manager of money for the rich, promoted Alexander Friedman to serve as the global chief investment officer for both of its wealth management units.
Friedman, who has been the chief investment officer for the business excluding Americas, will be responsible for combined investment and research across all regions, Juerg Zeltner and Robert McCann, heads of the wealth management units, said in a memo today. A UBS spokesman confirmed the memo’s content.
“We have brought together all the investment and research competencies of our business into a globally coordinated and centralized engine, complemented by our investment bank, to produce strong investment insights for our clients,” Zeltner and McCann said in the memo.
Before joining UBS in March 2011, Friedman, 41, was the chief financial officer of the Bill & Melinda Gates Foundation between 2007 and 2010. Previously he worked at Lazard Ltd. as a mergers and acquisitions banker.
UBS also said that Mike Ryan will continue to lead research for the wealth management Americas unit and serve as its chief investment strategist. Anthony Roth, who now heads wealth management strategies, will in addition serve as the head of asset allocation and portfolio construction for the Americas unit. Ryan and Roth will report to Friedman, and regionally to Bill Carroll, head of investment solutions at the Americas division.
Andreas Hoefert will serve as the chief economist for the Americas unit, in addition to his role as the chief investment officer for Europe, according to the memo.
UBS was ranked the third-biggest wealth manager by assets under management after Charlotte, North Carolina-based Bank of America Corp. and New York-based Morgan Stanley in a survey published in July by Scorpio Partnership, a London-based provider of research and industry analysis. The bank’s wealth management units had 1.5 trillion Swiss francs ($1.56 trillion) in assets at the end of March.