UBS Global Asset Management has appointed John Nestor as its new head of UK, effective 22 February.

Mr Nestor replaces Matthew Stemp who is leaving UBS Global Asset Management by mutual consent, the bank said in a statement. In his new role at UBS Global Asset Management Mr Nestor will assume responsibility for the management and strategic development of business and client relationships in the UK.

Mr Nestor’s career includes six years spent at Citi; most recently he worked within the US bank’s structured solutions group, where he was responsible for the positioning of its range of asset / liability investment services to pension funds and other financial institutions. He also served as business head for Europe Middle East and Africa at Citigroup Asset Management, covering institutional and wholesale sales, marketing and client service for the region, along with being responsible for some 280 staff.

“We are delighted to have secured someone of John Nestor’s stature for UBS Global Asset Management. John has 24 years of experience in the asset management industry and has a strong reputation for his client relationships. This will be invaluable in our efforts to further develop our UK business,” said Tim Blackwell, acting head of EMEA (ex-Switzerland) at UBS Global Asset Management.

UBS has also finalised the management line-up for its new Investment Products and Services division, WealthBriefing has learnt, appointments which will be covered by this publication tomorrow.