Alexander Friedman, who has been chief financial officer of the Bill & Melinda Gates Foundation, will become UBS Wealth Management’s chief investment officer on 1 March, a newly created role, the Swiss banking group said today.

The new CIO will oversee global investment strategy and work with other wealth management functions, as well as asset management and the investment bank. Friedman will report to the chief executive of the bank's wealth management arm, Jürg Zeltner.

Joining Friedman at UBS will be Mona Sutphen, the former White House deputy chief of staff for policy to US President Barack Obama, who will lead macro analysis, and Mark Haefele, an alternative asset manager, who will lead investment analysis. Over time, the group will build out a global team.

“The chief investment officer function will focus on wealth protection and optimised financial returns consistent with client objectives. Friedman and his team will be responsible for defining and proposing appropriate investment allocations and strategies and for communicating them across the platform,” UBS said.