Jakob Stott was most recently a vice president in the wealth management division, after having previously been the head of wealth management for Europe for several years.

The change, which was communicated within UBS in a memo seen by Reuters, was initially reported by news portal http://www.finews.ch

UBS reorganised its wealth management divisions several months ago in a shift that included several management changes.

Last week, the bank also appointed a new leader at its Luxembourg wealth management unit.

(Reporting by Angelika Gruber, writing by John Miller, editing by David Evans)