June 3 (Bloomberg) -- UBS AG appointed Rene Buehlmann as head of asset management in the Asia-Pacific region to succeed Kai Sotorp, who is leaving to join Manulife Financial Corp., Canada’s largest life insurer.
Buehlmann, who is global head of UBS’s fund distribution business for wealth management and runs investment products and services in Hong Kong, will start in the new role on July 1, according to an internal memo to staff yesterday, the contents of which were confirmed by a UBS official. He will join the executive committees for asset management, reporting to Ulrich Koerner, and for Asia Pacific, reporting to Chi-Won Yoon.
Buehlmann has worked at Zurich-based UBS for 24 years, starting his career as a client adviser in corporate banking in Switzerland before moving to New York to head wealth management’s lending team for the Americas and then globally. He moved to Asia in 2005 and held various roles since, according to the memo sent to staff by Koerner, Yoon and Juerg Zeltner, who runs wealth management outside the U.S. and Canada.
Koerner, who took over the asset management division this year, is aiming 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 assets of $1.98 trillion globally.
The bank’s investment products and services unit will announce Buehlmann’s successor in due course, the memo said. The unit matches products to UBS wealth management’s recommendations for clients and provides support to customer advisers on topics such as wealth planning.
Money management newspaper Pensions & Investments reported the appointment earlier.
To contact the reporter on this story: Elena Logutenkova in Zurich at firstname.lastname@example.org
To contact the editors responsible for this story: Frank Connelly at email@example.com Mark Bentley