Updated with correction
William Kennedy was named global head of distribution at UBS Global Asset Management, a company spokesman said.
He replaces Andreas Schlatter, who will retire from the investment management industry to focus on his academic career. Beginning in mid-August, Mr. Kennedy will work closely with Mr. Schlatter, with the official handover in mid-September.
Mr. Kennedy will oversee all of the firm's regional distribution teams, become a member of the global asset management executive committee and chair the global asset management distribution management committee. He will be based in Zurich and report to Ulrich Koerner, president of UBS Global Asset Management.
Mr. Kennedy was head of the investment products and services unit at UBS AG. He has been replaced by Mike Stewart, global head of equities, said spokesman Azar Boehm.
UBS Global Asset Management had $680 billion in assets under management as of March 31.