ZURICH, March 7 UBS is appointing
Alejandro Velez as Head of Wealth Management Latin America, the
Swiss bank said in an internal memo seen by Reuters on Tuesday.
The world's biggest asset manager said Velez would take on
the role in addition to his current responsibilities as Head
Global Ultra-High Net Worth Latin America, effective
immediately. UBS confirmed the memo.
The former Deutsche Bank executive, who joined UBS in 2013,
replaces Alexander van Tienhoven, who is leaving UBS for
Reuters reported this month that UBS was planning a new
appointment for its business in Latin America, which suffered a
setback last year when rival Credit Suisse poached at
least a dozen of its wealth managers in Mexico.
(Reporting by Joshua Franklin, writing by John Revill; Editing
by Michael Shields)