UBS asset arm rejigs top bosses
GABRIEL Herrera, the head of Europe, Middle East and Africa (EMEA) at UBS’ asset management arm, is leaving the firm amid a management restructure.
The 47-year-old is leaving after 22 years at the Swiss giant, under what a source described as a “mutual agreement”.
Chief executive of UBS Global Asset Management John Fraser is understood to have decided to split the role in two.
One executive will head the EMEA region excluding Switzerland and one will be responsible solely for Switzerland.
Under this structure, the current Switzerland boss at the firm Andreas Schlatter is effectively being promoted as Fraser will concentrate on the firm’s domestic market. Schlatter will report directly to Fraser, rather than going through the company’s EMEA chief.
Tim Blackwell, 43, who is currently head of France and continental Europe at the asset manager, is being promoted to fill the rest of Herrera’s role until a longer-term replacement can be appointed.
Herrera was also on the management board at UBS. A veteran of the secretive Swiss bank, he originally started at venerated Swiss Bank Corporation, which was bought out by UBS in 1998.