UBS Wealth Management Australia's chief executive Liz Cacciottolo has changed to a different role within the company, prompting the group to appoint managing director Clark Morgan to the top job.
After nearly five years in the position, Cacciottolo will become a senior adviser within UBS Wealth Management Asia Pacific with a focus on the APAC (Asia Pacific) hub countries, which include the domestic UBS Wealth Management franchises in Australia, Japan, Taiwan, China and India, a UBS memo said.
She will continue to be based in Sydney and will report to UBS APAC hub chief executive Graham Francis. She will also work with UBS country head for Australasia Matthew Grounds on group-wide initiatives.
Cacciottolo, a UBS veteran for over 17 years, formerly ran the group's UK wealth management arm and European equity derivatives division before returning to Australia.
Morgan will begin his role as UBS Wealth Management Australia chief executive on 1 July 2009.
He has had a long career in investment banking and wealth management and joined UBS Wealth Management in May 2001, the memo said.
Morgan will be based in Melbourne and will report to Francis.
