UBS Wealth Management president Jürg Zeltner has stepped down from his role and is set to retire after more than 30 years with the group, the firm has announced.
In his stead, the current president of UBS Switzerland, Martin Blessing, has been named to lead the wealth management division, a decision that has been approved by the board of directors.
Prior to his time at UBS, Blessing spent 15 years on the board of managing directors at Commerzbank, half of which he served as chairman.
Zeltner will step down from the group executive board at the end of the year and retire from the firm in 2018.
He has been responsible for the wealth management business outside of North America and a member of the executive board for nine years.
During his tenure, he repositioned the business by increasing its leadership in Asia Pacific, as well as with ultra-high net worth clients and also rolled out a single technology platform covering the majority of client assets, the group said in a statement.
A new leadership
His departure has prompted a reshuffle in the senior executive team at UBS. UBS Switzerland is Axel P. Lehmann, the current COO, takes over from Martin Blessing as president of personal and corporate banking.
Before taking up the role of COO, Lehmann was a member of the board of directors at UBS for more than six years and spent 20 years at Zurich Insurance Group.
In Lehmann’s place as COO, Sabine Keller-Busse will take on the role of group COO and continue to be responsible for the group human resources function, which she has led since August 2014.
In doing so, the group chief operating office will be expanded to include the group HR function.
During her time at UBS, Keller-Busse served as COO of UBS Switzerland for four years and has been a member of the group executive board since 2016.
Speaking about the outgoing president of wealth management, group CEO Sergio P. Ermotti said: ‘I'd also like to thank Jürg for his outstanding contributions to UBS during more than 30 years of service.
‘His impact on the positive development of our international wealth management business and the firm over the past years deserves particular recognition and I wish him all the best.’