Switzerland's second-largest bank by assets said Monday it had appointed Mark Haefele as chief investment officer of its wealth-management and private-banking operations, succeeding Alexander Friedman.

Haefele, 43 years old, previously reported to Friedman, who is leaving the Zurich-based bank. UBS didn't say where Friedman was going.

UBS appoints new CIO of wealth, private bank operations

Switzerland's second-largest bank by assets said Monday it had appointed Mark Haefele as chief investment officer of its wealth-management and private-banking operations, succeeding Alexander Friedman

John Revill, The Wall Street Journal

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