UBS Global Asset Management has appointed Thomas Wels as head of its global real estate business, as of December 1.

Having worked for the firm since 2005, Wels was latterly chief operating officer, prior to which he was responsible for expanding the company’s global fund services business.

In his new role he will be mainly based in Zurich, but will spend time in all the major asset management offices.

Meanwhile, UBS says farewell to Wels’ predecessor Paul Marcuse who has been head of global real estate since 2007. Marcuse and Wels will work together on a handover in the coming days.

In other recent moves within the firm, Richard Johnson was appointed global head of business development for global real estate from December 3, and will report to Wels. Most recently, Johnson was the team’s head of business development in APAC.

At the same time, Paresh Sodha, chief financial officer, will take up the additional role of acting chief operating officer.