UBS announced on Monday that Alex Friedman, global chief investment officer, will be leaving the firm. He will be replaced by Mark Haefele.
Haefele joined the firm in 2011 and is currently the global head of investment, reporting to Friedman. Before joining UBS, Haefele was a managing director at Matrix Capital Management, and before that was co-founder and co-portfolio manager at The Sonic Funds.
Friedman joined UBS in February 2011 from the Gates Foundation to establish the Chief Investment Office and develop the UBS House View.
The move by UBS to replace Friedman with someone from a more traditional investment background is an interesting decision, although it's positive to note that Haefele is not a wealth management stalwart, so theoretically is equipped to pursue an innovative approach to investment research.