UBS AG is shaking up the management of its international wealth management businesses.

The firm announced that the existing international wealth management business will be divided into four regional business areas: Asia Pacific, under the leadership of Kathryn Shih; Western Europe, Mediterranean, Middle East & Africa, led by Francesco Morra; North, East & Central Europe, under the leadership of Juerg Zeltner; and, Wealth Management Americas, headed by Marten Hoekstra. This new management structure is effective immediately.

The move comes as a result of the strong growth of its international wealth management business. The firm says that this allows it to strengthen its presence in local markets and its proximity to clients.

Raoul Weil, chairman and CEO Global Wealth Management & Business Banking, commented, “We have seen strong growth over the last five years. We have established the leading wealth management platform and have built a strong presence in our core markets. The further expansion of our business now calls for a strengthening of our local presence, so that we can make decisions more quickly and thereby become even closer to our clients. As a result, we will broaden the regional management structure.”

In its home market of Switzerland, UBS will merge its domestic wealth management and business banking business areas.

“We will further specialize our offerings for sophisticated clients in order to even better meet their needs,” Weil added. “Our services are not only aligned to the amount of assets that clients have, but also increasingly to their source of wealth. An entrepreneur, for example, has different needs than a corporate executive.”

Hoekstra, who is heading the Americas division, was appointed head of wealth management U.S. for UBS in 2005, and he became member of the Group Managing Board in 2002. From 2000 to 2005, he held various management positions at UBS Wealth Management & Business Banking in Zurich. He joined PaineWebber Inc. in 1983 where he held several management positions in the US prior to the merger with UBS in 2000. He acquired a BA in Political Science at the University of North Dakota and an MBA at the Kellog Graduate School of Management of Northwestern University.