UBS' head of asset management in Asia is leaving the job. The Swiss veteran's exit from the role comes as the bank spearheads a China push.

UBS' Rene Buehlmann is leaving his job as head of asset management in Asia-Pacific, according to an internal memo seen by finews.com. The 28-year veteran of the Swiss bank plans a sabbatical, then to take another job within UBS when he returns.

Buehlmann is to be replaced effective on Friday by Raymond Yin (pictured below), a veteran of Goldman Sachs who only joined Zurich-based UBS last month as head of China in asset management. The switch comes as UBS pushes forcefully into China in asset management: last month, the Zurich-based bank became the first foreign firm to increase its stake to a majority 51 percent in a China securities joint venture.
 

Raymond Yin 500

Career Surge

The move represents a surge in status for Yin, who will join the UBS unit's top management and report directly to Ulrich Koerner. Yin will also become a member of the UBS' top Asian management, reporting to regional head Edmund Koh. He will also join the Swiss bank's client coverage management in the unit.

«As we enter 2019, the industry and market challenges are intensifying. Capturing opportunities in the fast-growing and dynamic Asia-Pacific region – building on our leading capabilities, strong momentum and unique position in China – will be key to achieving our growth ambitions», Koerner and Koh wrote in the memo.

First Foreign Bank

UBS was the first foreign bank to apply to raise its shareholding in a China venture after policy changed to allow foreign companies to take majority stakes. The Swiss bank has hired aggressively for private banking, asset management, and investment banking in China.