Switzerland's largest bank announced a raft of top-level executive changes, including John Fraser's retirement as CEO of its global asset management arm at the end of 2013.

The chairman and chief executive of UBS Global Asset
Management for the past 11 years, John Fraser, is retiring from his CEO post at
the end of this year, the bank announced today.

Holding his posts since 2001, Fraser’s career at UBS dates
back to when he joined Swiss Bank Corporation in Australia in 1993; he began his
career in finance at the Australian government’s Treasury department.

Fraser will assist in the transition and retain his position
as chairman of Global Asset Management, UBS, Switzerland’s largest bank, said in
a statement.

Ulrich Koerner, the group chief operating officer, will take
over Fraser’s CEO slot from 1 January next year, in addition to his role as CEO
Europe Middle East and Africa.

Tom Naratil, currently group chief financial officer, will
also become group COO next January. The COO function will include Group
Technology, Group Operations, Corporate Services and the firm's Industrialisation Programme.
In addition, the Corporate Development function will move to the CFO area.

In addition, also effective 1 January 2014, UBS is making
several other changes to its Corporate
Center organisation.
Group Human Resources, Communications & Branding and Group Regulatory
Relations & Strategic Initiatives (GRR&SI) will report directly to
Sergio Ermotti, UBS’s chief executive.

To manage UBS's compliance, conduct and operational risks in
a more integrated and effective way, Compliance and Operational Risk Control
will be merged to form a new function reporting to Philip Lofts, group chief risk
officer.

The new function will continue to work closely with Legal,
led by general counsel Markus Diethelm. In addition, UBS's Group Security
Services function will also move to the Group Chief Risk Officer area.