UBS Asset Management has welcomed a new head of wholesale client coverage, representing a “key step” in its growth strategy.
Thira Ngoeun joins as the firm’s wholesale client coverage head and commenced in the position on 22 January 2024.
“Thira’s appointment is a key step in the growth strategy for UBS Asset Management in Australia and New Zealand as we develop our local with global product strategy and strengthen our distribution capabilities in this fast-evolving wealth market,” UBS stated.
He will locally report to Alison Telfer, UBS country head Australia and New Zealand, and regionally report to Thomas Kaegi, APAC head of wholesale distribution.
Prior to joining UBS, Ngoeun worked at BNP Paribas Asset Management for five years. Most recently, he was the head of wholesale distribution for Australia and New Zealand and was the head of key accounts and research previously.
Ngoeun was also the senior vice president for strategic accounts at Nikko Asset Management and previously worked at BlackRock as its vice president for research and consultant relationships.
Moreover, the new UBS head had a seven-year history with AMP beginning in 2007, holding various analyst and management roles.
In April 2023, Money Management reported that the asset manager hinted at a return to the Australian wealth management industry via its $4.8 billion acquisition of Swiss competitor Credit Suisse.
According to reports, UBS would leverage Credit Suisse’s private banking arm to reassert itself in the Australian market.
“Wealth management is core to UBS, representing our largest business globally,” Nick Hughes, joint country head and chief operating officer at UBS Australasia, said at the time.
“We recognise the quality and long-term success of Credit Suisse’s Australian private bank, and we look forward to building on that success.”
