SWITZERLAND – Swiss international banking group, UBS, has announced several top level group board changes, with Peter Wuffli, former chief executive officer (CEO) of UBS Asset Management taking over as president of the group executive board.

Wuffli immediately replaces former president Luqman Arnold, who was sacked yesterday in a move that was said to reflect a number of differences of opinion between Arnold and UBS chairman Marcel Ospel, though there are no financial, operational or control issues behind it.

Ospel says that whilst the changes in leadership were regrettable, the move did not signal a change of direction in the group’s activities. “We appreciate the many contributions Luqman has made to the strategy, financial management and transparency of UBS. Under the new leadership there will be no change in UBS’s strategy, focus, direction or values.”

John Fraser, current chief operating officer (COO) of UBS Asset Management, will move up to replace Wuffli as CEO.

Elsewhere, John Costas, currently president and COO, will become CEO of UBS Warburg, with Markus Granziol as chairman. Both will sit on the UBS group executive board and be based in London.

In addition, from the beginning of next year, UBS Warburg’s private clients business unit, centred on UBS PaineWebber, will become a separate business group within UBS, known as UBS PaineWebber.

Says Joseph J Grano, CEO of UBS PaineWebber: "The welcome we have found at UBS has exceeded all our expectations this past year, and our businesses are working powerfully together, especially in the US."

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