Australasian Wealth Investments has hired former head of UBS Global Asset Management, Ben Heap, as chief executive and managing director.

AWI, which is managed by Merricks Capital and invests in small to mid-cap Australian listed companies, said “the appointment of Heap positioned the company for future investment in financial services and the ongoing development of its investor direct strategy”.

Heap will join AWI later this year at the completion of his contractual obligations with UBS, where he stepped down from his role as a managing director earlier this month.

Prior to joining UBS in 2007, Heap held a senior executive role at Australian Wealth Management, with responsibility for research and asset management. He was previously employed as head of digital business for TAB Limited, and as an M&A executive at Macquarie Bank.

According to an AWI statement, Heap's compensation arrangement will include participation in a long-term incentive plan involving share ownership, and links a significant portion of his potential remuneration to the firm’s share price performance.

Australasian Wealth Investments is listed on the Australian Stock Exchange with a current market capitalisation of approximately $16 million.