LONDON, Dec 17 (Reuters) - Swiss bank UBS said on Wednesday it had hired a senior executive from Britain's Legal & General to co-head an expanded $1.8 trillion direct investments unit. UBS said it
UBS Recruits L&G's CIO to Co-Lead $1.8 Trillion Unit
LONDON, Dec 17 (Reuters) - Swiss bank UBS said on Wednesday it had hired a senior executive from Britain's Legal & General to co-head an expanded $1.8 trillion direct investments unit.
UBS said it would combine its direct public and private markets investments units as part of the changes, which account for the bulk of its asset management division's $2 trillion of invested assets.
Sonja Laud, currently chief investment officer at L&G, will join UBS in July next year to co-head the unit, UBS said in a statement. Barry Gill, who is currently head of investments, will be the other co-head, it said.
The wider UBS group is currently undergoing sweeping reorganisation as it looks to complete the integration of Credit Suisse, which it bought in a rescue deal in 2023.
Aleksandar Ivanovic, UBS's president of asset management, said that combining the two investment businesses would help it better meet client needs and expand.
L&G said it had begun a global search for a permanent successor to Laud, and had appointed Emiel van den Heiligenberg as interim CIO.
(Reporting by Iain Withers; Editing by Tommy Reggiori Wilkes and Jane Merriman)
