UBS named Philip Lofts as CEO of UBS Group Americas, and Maureen Miskovic as Group Chief Risk Officer and a member of the group executive board. The appointments will be effective on Jan. 1, 2011.
The company said that the Americas region is crucial to its overall strategy, so it decided to separate the roles of CEO and chairman. Robert Wolf will remain as chairman of UBS Group Americas, as well as president of the investment bank. “Given he importance of the Americas region, which has the largest concentration of UBS employees and is the world’s largest wealth management market and investment banking fee pool, we decided to broaden our senior leadership team to provide the momentum necessary to develop key areas in the United States, Canada, and Latin America,” said Oswald Grubel, Group CEO, in a press release.
In his new role, Lofts will work with the business division heads on growth plans. He had been named Group Chief Risk Officer in November 2008. And Miskovic was, most recently, chief risk officer of State Street Corp. She will be based in Zurich and will report to Grubel.