Jeremy Palmer, head of UBS Wealth Management UK, Northern and Eastern Europe has been appointed chief executive officer of UBS Investment Ba...

Jeremy Palmer, head of UBS Wealth Management UK, Northern and Eastern Europe has been appointed chief executive officer of UBS Investment Bank in Europe, Middle East and Africa, from 4 September 2006. Matthew Brumsen will take over as head of UBS Wealth Management UK, Northern and Eastern Europe, replacing Mr Palmer. Mr Brumsen joined UBS in 2001 from Goldman Sachs and was appointed business sector head UK Domestic in October 2004. The UK wealth management business has expanded significantly both in size and profitability under Mr Brumsen’s leadership, according to a statement from the bank. Mr Brumsen will report to Raoul Weil, Head of UBS Wealth Management International. In his new role Mr Palmer will report to Huw Jenkins, chairman and chief executive officer of UBS Investment Bank, and will be a member of UBS Investment Bank Management Committee. He will continue to be a member of the UBS Group Managing Board. Mr Palmer joined UBS in 2000 having previously held various management positions in Barings, JP Morgan and Salomon Brothers. “I extend my thanks to Jeremy for his outstanding contribution. He has taken a crucial role in the development of our strategy and has been key to its implementation. He leaves a leadership team, headed by Matthew Brumsen, which is well positioned to take the business to the next level” said Mr Weil. Mr Palmer succeeds Robert Gillespie who is scheduled to return from his sabbatical to his role as vice chairman of the Investment Bank in the near future.