UBS Hires Former Carlyle Exec

UBS has added former Carlyle Group executive Edmund Koh as chief executive officer of its wealth management business in Singapore, Reuters reported Monday. He will replace Christine Ong in the position, and will start the new job early next year.

(Reuters) – UBS said on Monday it has hired Edmund Koh, who was recently at Carlyle Group , as chief executive officer of its wealth management business in Singapore.

He will start his new job early next year.

Koh will replace Christine Ong, who is on an extended leave of absence for personal reasons and will return next year.

“The recent events in the past few weeks have not changed my decision to join UBS. The fundamental strengths of the bank that attracted me to this job remain unchanged,” Koh said in an email.

The UBS board on Saturday accepted the resignation of 67-year-old Oswald Gruebel, its German-born chief executive and appointed as his interim replacement Sergio Ermotti, 51, who hails from Switzerland’s Italian-speaking region of Ticino.

Koh, a former regional head of consumer banking at DBS , has a two-decade experience in financial services and recently helped reorganise Taiwan’s Ta Chong Bank for Carlyle, UBS said.

UBS is one of the largest wealth managers in Asia and has a team of more than 900 client advisors.

“We remain committed to investing in the region and Singapore is a key wealth management centre for us as we continue our build out,” said Kathryn Shih, head of UBS Wealth Management Asia-Pacific.

Shares in UBS rose on Monday as investors welcomed the Swiss bank’s choice of Ermotti as caretaker chief executive after Gruebel resigned in the wake of a $2.3 billion rogue trading scandal and cleared the way for a major overhaul of the investment bank. (Reporting by Saeed Azhar; editing by Rachel Armstrong)