ZURICH, March 7 (Reuters) - UBS is appointing Alejandro Velez as Head of Wealth Management Latin America, the Swiss bank said in an internal memo seen by Reuters on Tuesday.
The world's biggest asset manager said Velez would take on the role in addition to his current responsibilities as Head Global Ultra-High Net Worth Latin America, effective immediately. UBS confirmed the memo.
The former Deutsche Bank executive, who joined UBS in 2013, replaces Alexander van Tienhoven, who is leaving UBS for personal reasons.
Reuters reported this month that UBS was planning a new appointment for its business in Latin America, which suffered a setback last year when rival Credit Suisse poached at least a dozen of its wealth managers in Mexico. (Reporting by Joshua Franklin, writing by John Revill; Editing by Michael Shields)