In this capacity, Mr Tulley will be working closely with the leaders of the business in Asia.

The move suggests that UBS, while it has suffered problems in regions such as the US following its recent tax wrangles with the revenue authorities, is determined to deepen its footprint in the fast-growing Asian wealth management space.

Mr Tulley, a well known figure in wealth management circles in Singapore, will focus on a number of business development activities including the acquisition of senior talents, which has been his specialism over the last few years. He will, according to sources close to the private bank, undertake and participate in a number of high level projects and with over ten years experience with the bank, both in Investment Banking and Wealth Management, is well placed for this new role.

A headhunter in Singapore told WealthBriefingAsia;  "James has both expert knowledge and in-depth understanding of the market and the 'who's who' of the industry, he has long been considered to be the best of the best in this space."