July 18, 2018 / 2:41 PM / a year ago

UBS appoints new head of Luxembourg wealth management unit

FILE PHOTO: The logo of Swiss bank UBS is seen at the company's headquarters in Zurich, February 10, 2015. REUTERS/Arnd Wiegmann/File Photo - RC1137B071C0

ZURICH (Reuters) - Swiss bank UBS (UBSG.S) will swap out leadership at its Luxembourg wealth management (WM) unit in October amid changes in the region, including the Swiss bank’s move in January to acquire Nordea’s private banking business there.

Heinrich Baer, previously head of Affluent & International Markets WM in Europe, the Middle East and Africa (EMEA), will take over from Rene Mottas.

Motta will return to UBS in Switzerland after almost seven years in the Benelux region as Country Head UBS Luxembourg, among other positions.

Baer, who relocates to Luxembourg in August, will become a member of the WM EMEA Management Committee.

Mottas “will look for other opportunities within UBS,” the Zurich-based bank said in a statement.

With Nordea’s 150 employees, that will bring the Luxembourg office to about 600 workers once that transaction closes in the second half of 2018.

Reporting by John Miller, editing by John Revill

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