Ulrich Koerner will become CEO of UBS Global Asset Management on Jan. 1, according to a news release from the firm.
Mr. Koerner replaces John Fraser, who has been chairman and CEO since 2001 and is retiring from his CEO role and as a member of the bank's group executive board.
Mr. Koerner, now group chief operating officer, will retain his role as CEO Europe, Middle East and Africa.
Mr. Fraser will retain his role as chairman of UBS Global Asset Management and will assist in the transition.
A spokesman could not be reached for comment by press time.