UBS Global Asset Management has announced the promotion of Kai Sotorp to head of Asia Pacific, overseeing all aspects of the firm's business in the region. Sotorp, previously head of Japan, is also a member of the firm's executive committee and management board.
Commenting on the appointment, John Fraser, global chairman and CEO says, "Kai has been instrumental in the integration of our asset management operations in Japan and, in particular, has spearheaded the successful development of our wholesale and financial institution business in that market. His appointment reflects the firm's increasing commitment to its asset management capability in the region."
Sotorp joined the firm in early 2000, bringing with him 17 years of experience in the investment management industry. Prior to UBS, he was COO of American International Group's asset management business in Japan, and before that, has also worked for Kemper Financial Services, a US mutual fund company in product development, marketing and business planning.
UBS has $400 billion of global invested assets, with Asian offices in Tokyo, Hong Kong, Singapore and Taiwan. At the end of the first half, Japan had $15.5 billion under management, Singapore $4.5 billion, Hong Kong $1.3 billion and Taiwan $998 million.