Shawn Lytle is to take over from Kai Sotorp as head of Global Asset Management Americas at UBS.

Lytle, currently deputy global head of equities, will move to New York from London and divide his time between there and Chicago, reporting to John Fraser, chairman and chief executive of UBS Global Asset Management.

Sotorp will assist with the transition and then take three months leave before coming back to a new role within the asset management business.