(Bloomberg) -- UBS Group AG is adjusting the leadership of its asset management division, the latest overhaul at the Swiss bank as it works to integrate Credit Suisse. 

The leadership changes come alongside a push to streamline the division’s product offering and reduce its cost base, head of asset management Aleksandar Ivanovic said in an internal memo to staff that was seen by Bloomberg. He said 2024 would be a “critical year” for the integration of Credit Suisse into the business. 

Whilst UBS has laid out a clear plan and strategy for its wealth management and investment bank divisions as well as for the Swiss business, asset management has previously been less in focus. Ivanovic said he would provide more details on his plans for the business at a townhall later this month.

Ivanovic, who was recently appointed following the departure of Suni Harford, said that while industry fund flows are starting to rebound, significant headwinds remain. 

“We are also yet to see the full impact of integration on our flows and revenue run rate as we consolidate our product offering and clients continue to assess our progress,” he said in the memo. 

Leadership positions detailed in the memo include:

  • Joe Azelby, as head of real estate and private markets
  • Barry Gill, as head of investments
  • Francesco Grana, as asset management region head for Europe, Middle East and Africa
  • Nasreen Kasenally, as asset management chief operating officer
  • Andre Mueller, head of client coverage and asset management region head for Switzerland
  • James Poucher, as asset management region head for the Americas

Appointment of staff from group functions who will also be part of the asset management team include:

  • Seraina Frey, as head of asset management technology
  • Gaylee Saliba, as asset management chief strategy officer
  • Rachael Sledge, as asset management chief financial officer

A number of managing directors will leave the firm following the revamp:

  • Raymond Yin, currently AM regional head APAC and head China onshore, has decided to retire after 33 years in the industry
  • Hayden Briscoe, AM head of Hong Kong and APAC head of multi-asset portfolio management, will leave the firm with immediate effect
  • Keiichi Miki, AM country head Japan and president of UBS AM Japan Ltd., will retire
  • Charlotte Baenninger, president of UBS AM Switzerland AG, plans to retire at the end of June

A spokesperson for UBS declined to comment.

Read more: UBS Asset Management Head Harford Retires, Ivanovic Promoted

(Adds more details from the memo)

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