Holding his posts since 2001, Fraser’s career at 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.