UBS Global Asset Management is looking for a No. 2 executive to help oversee the division, a new position that will report to John Fraser, chairman and CEO, according to people familiar with the situation, who declined to be identified.
The firm has been working with recruiter Heidrick & Struggles to fill the position, according to the sources.
It couldn’t be determined by press time if UBS is seeking a professional with investment experience or someone from the distribution side of the asset management business. But at least one industry official with distribution experience has been interviewed for the spot, people familiar with the situation said.
Kris Kagel, a UBS spokesman, declined to comment. Suzanne Oaks, a spokeswoman for Heidrick & Struggles, said the firm doesn't comment on specific searches.
Despite continuing rumors that UBS AG might sell its asset management unit, the search seems to indicate that for now, it plans to keep the division, observers said. UBS Global Asset Management has been hit with a couple of key staff departures over the past few months. In October, Scott C. Hazen, executive director and North American equity strategist, announced that he was leaving the firm. That same month, Gabriel Herrera stepped down as head of Europe, Middle East and Africa.
Jessica Toonkel Marquez is a reporter at InvestmentNews, a sister publication of Pensions & Investments.