CEO & Country Head of UBS Australasia to retire

UBS has announced that after a 25-year career with the firm, Matthew Grounds, CEO & country head of UBS Australasia and chair of UBS Investment Bank APAC, has decided to retire, effective 31 December 2019.

During his time with the firm, including the last 11 years as CEO of UBS Australasia, Grounds has served as joint head of investment banking for UBS Australasia (from 2003-2011), joint global head of investment banking (from 2011-2013), a member of the Investment Bank global executive committee (from 2011-2014) and as chair of IB APAC Management Committee (from 2016-2019).

He will be succeeded by Anthony Sweetman and Nick Hughes, as co-country heads of UBS Australasia. Sweetman will also continue in his existing role as co-head of CCS, Australasia and Hughes will also remain as country operating officer, Australasia.

UBS said of the succession: "We are fortunate to have an exceptional depth of talent in our Australasian business. Anthony and Nick have a proven track record, collectively managing market and operational risk, leading teams and delivering for clients, making them the ideal leaders for the business."

Of Ground's departure, the firm added: "Over the course of the next six months, Matthew will be focusing on and ensuring an orderly handover to the newly appointed Country Heads in early August and on delivering a smooth transition for the business and most importantly for our clients."

UBS thanked Grounds for his "outstanding leadership" of the Australasian business and wished "Nick and Anthony every success in their new roles".