René Mottas, currently COO of European wealth management and business sector head of Western Europe at the bank, will become chief executive of UBS Luxembourg, effective 1 January, 2012.

Mottas will also act as business sector head Benelux & Austria, with responsibility for UBS's onshore wealth management businesses in Austria, Belgium and the Netherlands.

He succeeds Andreas Przewloka, who will be pursuing new challenges inside the bank, according to a statement from UBS.

Robert Lang will succeed Mottas as COO wealth management Europe, reporting to Jacob Stott, CEO wealth management Europe.

Lang will be based in London and will also become a member of the wealth management Europe executive committee.

Lang joins from HSBC where he most recently ran the firm's insurance business in Hong Kong. He leaves after less than a year in the role, which he started last November. He will join UBS on 24 October.

Prior to joining HSBC, Lang was head of distribution for ING’s insurance operations in Europe, looking after Poland, Hungary, Czech Republic, Slovak Republic, Romania, Bulgaria, Russia, Greece and Spain. 

Zurich-based UBS is the world's second largest wealth manager with over SFr2.2 trillion ($2.4 trillion) in client assets and nearly 65,000 employees. It will publish its third quarter results next week.