The wealth management group has made a number of top-level changes in the region. It is also said to be stepping up succession plan discussions around Sergio Ermotti.

UBS has appointed Amy Lo and August Hatecke to succeed Edmund Koh, as co-heads of wealth management for the Asia-Pacific region, following Koh’s appointment as president of Asia-Pacific and as a member of the bank’s group executive board.

Separately, reports (Bloomberg) said UBS is "intensifying" succession planning for the group's CEO Officer Sergio Ermotti and will consider external candidates. The reported cited unnamed sources. Chairman Axel Weber is said to favour an outside candidate for the role, while Ermotti also told investors recently that the company is working on a plan. A change isn’t imminent, however.

The Asia-Pacific wealth appointments take effect from 1 January.

Lo will focus primarily on the bank’s North Asia businesses and Hatecke will concentrate on its Southeast Asia operations.

Since 2014, Lo has been the head of wealth management for Greater China and country head of UBS Hong Kong, and also chair of WM Greater China since 2017. She first joined Swiss Bank Corporation in 1995 and held various senior management positions, including those of regional market manager for Hong Kong, and head of ultra-high net worth and global family office for Asia-Pacific.

Hatecke was appointed as head of wealth management for Southeast Asia in 2016. He has held various leadership positions over the course of his 19-year career at UBS, and previously also served as head of ultra-high net worth and global family office for Switzerland, based in Zurich.

Koh is continuing to lead development of UBS’ China and Japan onshore businesses, with the Japanese business reporting directly into him.