USB names Nick Hughes as Co-Country Head, UBS Australasia

UBS has announced that Nick Hughes, along with Anthony Sweetman, will assume the role of co-country head of UBS Australasia following the retirement of Matthew Grounds.

Hughes will also remain as country operating officer, Australasia, and Sweetman will also continue in his existing role as co-head of CCS, 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.

"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."

Grounds will depart the firm on 31 December 2019.