From 1 January, 2016, current head of wealth management Kathryn Shih will take on the role of Asia-Pacific president. She will be based in Hong Kong.
Shih has led the wealth management business of UBS in Asia Pacific for the past 13 years. She has been with UBS for 29 years in various wealth management and leadership roles, including CEO of UBS Hong Kong.
Chi-Won Yoon, the current president of UBS Asia Pacific, has decided to step down and take a planned sabbatical from the firm. UBS said in a statement that Yoon will return to explore opportunities within the group, but did not elaborate.
The appointment in Asia is one of several changes to UBS' group executive board and its board of directors globally, including a major shake-up of its wealth management division.
The reshuffling comes amid an “exceptionally challenging environment”, Sergio Ermotti, UBS’s group CEO said in a published earnings call note.
“The macroeconomic backdrop for the quarter was very challenging, as events in China and the expectation of a Fed hike followed by the Fed’s decision not to raise rate, elevated levels of uncertainty and volatility. These issues added to the typical seasonality and client activity hit post-crisis lows, particularly in wealth management,” Ermotti said.