UBS has bolstered its UK wealth management research team with the transfer of strategist Mark Bulsing from its investment banking arm, WealthBriefing has learned, while Close Asset Management has named Steven Mendel as its head of wealth management.

Mr Bulsing has joined UBS’s London wealth management research team as a macro investment strategist - a newly created role - having previously been head of European quantitative research at UBS Investment Bank for the past ten years, according to an internal memo seen by this publication.

Supporting the wealth management research team and the UK business, Mr Bulsing’s new role focuses on the formation of investment views and their presentation to internal and external clients. He will report to Brian O’Reilly, head of wealth management research UK.

In reporting its latest quarterly results UBS vowed to return to solid profitability, targetting an annual pre-tax profit of SFr15 billion (about $14.9 billion), and said it will strengthen its wealth management operations as a key part of its strategy.

Close Asset Management is also looking to boost its wealth management business, saying in a statement that Mr Mendel’s appointment is a reflection of its increased ambition in the UK private client and wealth management area.

As the firm’s new head of wealth management Mr Mendel will assume responsibility for Close’s UK wealth management business and its ongoing strategic development, reporting directly to chief executive Martin Andre.

Mr Mendel joins Close from Christie’s, where he was financial services director responsible for proposition development across lending, insurance and investment management. Prior to this he was a director at Barclays Wealth responsible for the firm’s collectives, retirement and protection businesses.