Jason Chandler, chief of UBS Wealth Management's ultra-high net worth business in the Americas, is shaking up his executive team a month after taking charge of the unit, changing a number of positions.

Mr Chandler, who succeeded John Straus as head of the Swiss bank's Private Wealth Management unit on 5 February, installed Frank Minerva as his chief operating officer this week. The appointment was confirmed by the Swiss bank.

There have been a number of changes at the wealth management arm of UBS in the Americas since Robert McCann, formerly of Merrill Lynch, took the helm as CEO last October. In February, for example, Rosemary Berkery, former general counsel at Merrill Lynch, has agreed to join Mr McCann’s team as vice chairman. She left when Merrill was acquired by Bank of America in January 2009.

Mr Minerva, who previously ran the New York office for the ultra-high net worth business, succeeds Douglas Black, who has spent 21 years at UBS and predecessor firms PaineWebber and Kidder Peabody.

UBS was quoted saying that said Mr Black is looking for "new opportunities" within the private wealth management division, which caters to families and individuals with more than $10 million of assets.

Mr Chandler removed Jay Messing, head of private wealth sales, and Phillip Hsu, head of business development, the news service said. Both people also are now looking for new roles within the division, and it is not yet known who will succeed them, the report said. UBS did not comment on these individuals.