UBS has appointed Stefan Reutter as the head of wealth management in Russia, taking over the reins after predecessor Gregg Robins decided to step down to pursue other opportunities outside the firm,

UBS has appointed Stefan Reutter as the head of wealth management in Russia, taking over the reins after predecessor Gregg Robins decided to step down to pursue other opportunities outside the firm, the Swiss bank said today.

Reutter will be responsible both for the WM Corporate Advisory Office and WM Advisory Office in Russia, effective immediately. Reutter, an existing UBS employee, has almost 20 years of experience in corporate finance and has advised on merger and acquisition and financing deals across sectors and geographies.

The appointment of Reutter proved that UBS is determined to expand its Russian presence, Nicholas Jordan, chief executive for UBS Russia and CIS, said in a statement.

Meanwhile, Caroline Kuhnert, managing director, head of WM Central Europe, Eastern Europe and Turkey, said: “Stefan’s appointment is essential for the development of our comprehensive financial services both to Russia’s private and corporate clients.

Robins is regarded as having played an important role in guiding development of UBS’s onshore Russian business.

Earlier this month, UBS Wealth Management named James Broderick as its new chief executive for the UK and Jersey, effective from 7 January 2013. Broderick succeeds Andre Cronje, who has held the role for the past four years.