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UBS announces Alex Wilmot-Sitwell and Chi-Won Yoon as Co-Chairmen and Co-CEOs, Asia Pacific

Zurich / Basel Price Sensitive Information

UBS today announced the appointment of Alex Wilmot-Sitwell as Co-Chairman and Co-CEO of Asia Pacific. Alex will lead the region together with Chi-Won Yoon, current Chairman and CEO, Asia Pacific. Alex will be based in Hong Kong and will take over his new role on 1st November 2010. Carsten Kengeter, currently Co-CEO UBS Investment Bank, will become sole head of the Investment Bank.

Oswald J. Gruebel, Group Chief Executive Officer of UBS commented on the changes: "Asia Pacific is a key strategic priority for UBS. Alex's strong leadership, relentless client focus and proven track-record, combined with Chi Won's in-depth industry experience, commercial success and understanding of the region will ensure that we will continue growing our leading franchise."

Mr Gruebel added: "Alex and Carsten were instrumental in turning around the position of our Investment Bank. As such I am convinced that Carsten will continue leading the Investment Bank towards sustainable success in line with our mid-term targets."

UBS in Asia Pacific has a broad, established footprint in 13 markets, with roughly 7,000 professionals. Our businesses in Asia Pacific stand as market leaders; we have the leading wealth management business in the region1, as repeatedly acknowledged in industry polls. Global Asset Management has seen record net new money this year from Asia. In the Investment Bank, the Equities business has sustained an unparalleled period of industry leadership and we are rated as the best investment bank and lead the M&A league tables in Asia2.

1 Asiamoney, Euromoney and Finance Asia
2 Asiamoney, Institutional Investor, IFR, Euromoney, Global Finance, Equity Market exchanges, internal estimates, and Dealogic


Alex Wilmot-Sitwell joined UBS in 1996. He was appointed Joint Global Head of the Investment Banking Department in 2004, Chairman and CEO of Europe, Middle East and Africa in 2008 and Co-CEO of UBS Investment Bank in April 2009.

Chi-Won Yoon joined UBS in 1997 as Head of Equity Derivatives, becoming head of Asia Equities in 2004, head of Asia Pacific Equities in 2008, Head of Equities and Head of FICC for Asia Pacific in 2009 and Chairman and CEO Asia Pacific in June 2009.

Carsten Kengeter joined UBS in 2008 as Joint Global Head of Fixed Income, Currencies and Commodities (FICC) within UBS Investment Bank, becoming Co-CEO of UBS Investment Bank in April 2009.