Donovan, who joined UBS in 1992 as an intern in the fixed income economics team, has been a managing director since 2004. Most recently, he has been co-head of UBS Investment Bank Economics.

In his new London-based role, he will coordinate the chief investment office's regional economic views, while taking responsibility for its global economic views. He will remain on UBS Wealth Management's global investment committee and will also continue with his wealth management client coverage activities globally.

“Paul is an established global thought leader with a strong track record of providing leading insight on global affairs. His reputation extends well beyond UBS and he has been a strong partner to us and our clients in his current role,” said Juerg Zeltner, president of UBS Wealth Management.

“In his new position, Paul will be instrumental in guiding the Chief Investment Office's economic analysis and helping our clients navigate the current financial landscape,” added Mark Haefele, global chief investment officer at UBS Wealth Management.

Donovan takes up the position left vacant due to the untimely passing of Andreas Höfert.

In other recent high-level moves at UBS, Geoffrey Yu was appointed as head of investment office, UK, replacing Bill O’Neill who will retire at the end of July, as this publication exclusively reported in May. Meanwhile, Martin Blessing, formerly chief executive of Commerzbank, will succeed Lukas Gaehwiler as president of the bank's personal and corporate banking division, and as president of UBS Switzerland as of September.