UBS asset arm rejigs top bosses

GABRIEL Herrera, the head of Europe, Middle East and Africa (EMEA) at UBS&rsquo; asset management arm, is leaving the firm amid a management restructure.<br /><br />The 47-year-old is leaving after 22 years at the Swiss giant, under what a source described as a &ldquo;mutual agreement&rdquo;.<br /><br />Chief executive of UBS Global Asset Management John Fraser is understood to have decided to split the role in two.<br /><br />One executive will head the EMEA region excluding Switzerland and one will be responsible solely for Switzerland.<br /><br />Under this structure, the current Switzerland boss at the firm Andreas Schlatter is effectively being promoted as Fraser will concentrate on the firm&rsquo;s domestic market. Schlatter will report directly to Fraser, rather than going through the company&rsquo;s EMEA chief.<br /><br />Tim Blackwell, 43, who is currently head of France and continental Europe at the asset manager, is being promoted to fill the rest of Herrera&rsquo;s role until a longer-term replacement can be appointed. <br /><br />Herrera was also on the management board at UBS. A veteran of the secretive Swiss bank, he originally started at venerated Swiss Bank Corporation, which was bought out by UBS in 1998.<br />