UBS has moved Chi-Won Yoon up to be chairman and chief executive officer of Asia Pacific and a member of the Swiss giant's group executive board, with immediate effect. He succeeds Rory Tapner, who is leaving after 25 years.

Oswald Grübel, group chief executive officer, said: “Chi-Won becomes the leader of a business that, under Rory’s stewardship over the last five years, has developed into a formidable franchise. Chi-Won’s indisputable track-record of commercial success and proven leadership skills will ensure that the firm maintains its focus and continues to enjoy the support of its clients.”

Mr Yoon joined UBS in 1997 as head of equity derivatives, becoming head of Asia equities in 2004, head of Asia Pacific equities in 2008, and head of equities and head of fixed income, currency and commodities for Asia Pacific in 2009. Previously, he worked at Lehman Brothers in New York and Hong Kong and before that, for six years at Merrill Lynch in New York.

Looking to the future, Mr Yoon said: “Despite the challenges that the industry faces in the near term, Rory leaves a business with impeccable credentials and a stability and client base that is the envy of many.”

UBS did not immediately respond to WealthBriefing's enquiries about Mr Tapner's future plans.