Peter Wuffli was named president of UBS following the sudden departure of Luqman Arnold. Mr. Wuffli was CEO of UBS Asset Management; he will be replaced by John Fraser, president and COO, UBS Asset Management.
The board of directors asked Mr. Arnold to leave following "differences of opinion, said Monica Dunant, UBS spokeswoman. Mr. Arnold was named president in April.
Mr. Wuffli will report to Marcel Ospel, UBS board chairman.