UBS announced on Friday that it has appointed Reto Marx to a newly created position as managing director and ultra-high-net-worth country team head based in Singapore.

Marx, who has more than 17 years of experience in the wealth management industry, most recently worked as head of Southeast Asia at Bank Sarasin-Rabo (Asia) where he spearheaded the bank's marketing and business activities. At UBS he will be responsible for growing the firm's ultra-high-net-worth business in the South Asia region. He will report to Daniel Harel, head of the ultra-high-net-worth business for South Asia.

Before he joined Sarasin in July 2008, Marx worked for Credit Suisse in Singapore, where he managed the Asia international wealth management team and covered external asset managers. His responsibilities also encompassed onshore initiatives in Australia, including the setting up of operations in Sydney and Melbourne, and the management of an 80-strong offshore team based in Singapore, Zurich and Australia.

"Reto's extensive wealth management experience, strong client relationships in South Asia, and expertise in developing new markets provide the ideal platform from which to drive growth of the business in the region," said Christine Ong, UBS's CEO of Wealth Management Singapore. 

Marx's appointment follows hard on the heels of the recent appointments of Carlo Grigioni, vice chairman, wealth management & Swiss Bank, as head of ultra-high-net-worth for Asia Pacific; Harel as head of ultra-high-net-worth for South Asia; and Yeong Phick Fui and Kurt Kumschick as senior advisors to the ultra-high-net-worth business in the region.

Marx has been succeeded as head of Southeast Asia at Bank Sarasin-Rabo (Asia) by Grace Barki, who joined the Singapore subsidiary of Bank Sarasin & Co in mid-December. Ironically Barki came from UBS where she had managed the Indonesia and Philippines markets. 

Earlier in December, Sarasin made another hire from UBS when Febby Avianto came on board as Indonesia market head, based in Singapore. At UBS Avianto was desk head of the bank's Indonesia team in Singapore.