UBS announced yesterday that it has appointed Allen Lo as country head for Hong Kong and chief executive of its Hong Kong branch. 

Lo will retain his current responsibilities as deputy CEO of the bank's wealth management business in Asia-Pacific and CEO of wealth management in Hong Kong. 

He succeeds Chi-Won Yoon who is stepping down to concentrate solely on his management responsibility for UBS's Asia-Pacific business.

"Over the past several years Allen has played a leading role in the rapid expansion of our wealth management business and has spearheaded the development of our business in Greater China. He brings outstanding leadership qualities, commercial acumen, and a demonstrated track record of success to his new role," said Yoon.

As country head, Lo will represent Hong Kong on UBS's Asia-Pacific management committee, chair the local management committee, and be responsible for coordinating activities across UBS's business groups in Hong Kong. His responsibilities will encompass market strategy development, governmental and regulatory interface, and community affairs.

Lo has lived in Hong Kong for 23 years and has more than 22 years of financial services industry experience. He joined UBS Wealth Management in August 1997 and was appointed deputy head of the wealth management business in Asia-Pacific in September 2006.

In a related move, the head of Asia equities at UBS Investment Bank, CJ Beshke, was named alternate chief executive officer for UBS's Hong Kong branch.