SWITZERLAND - Beat Egger, an executive director at UBS Global Asset Management and European sales head for exchange traded funds, is to leave the company in October.

Egger, who is head of European Sales for Fresco Index Shares told IPE he was to take “new responsibilities outside of UBS” from October 1. He said he could not reveal more before August.

Fresco Index Shares are exchange traded funds enabling investors to buy and sell stock market indexes in a single transaction.

Fresco Index Shares are registered investment funds under Luxembourg law (SICAV).

At the beginning of July UBS announced it had hired Joerg Sihler, the former head of fixed income at Deutsche Asset Management in Frankfurt.