Peter Wuffli, CEO of UBS Asset Management, returned to Zurich last week after a two-year stint in the United States. He remains head of the firms global asset management business. Mr. Wuffli said he will spend significant time in the U.S. working with Brinson Partners, the companys American asset management company. He added he feels comfortable making the move now, having accomplished the integration of the disparate units of UBS, PaineWebber and Brinson Partners into a single global money management company.
The move was made for personal reasons, Mr. Wuffli said, primarily to bring his three young children back to Switzerland for their education.
Separately, Mr. Wuffli said UBS is considering setting up a holding company for the asset management business in order to create an employee equity ownership structure. Mr. Wuffli said many details remain to be decided, but that it is important that the company tie compensation for investment managers more directly to the efforts of the asset management unit, rather than to UBS stock. Asset management revenues represent only 4% of the Swiss banks total assets.