UBS executive takes up Singapore SWF post
John Cryan, the former chief financial officer at UBS, has moved to Temasek, the Singapore sovereign wealth fund. He had announced his departure last December, and is to be replaced by Tom Naratil.
Cryan becomes president of Temasek’s European business, as part of a strategy of the Singapore state investment firm to build up its business and management team in Europe. As of March 31 last year Temasek had a portfolio of $150 billion, an increase of 3.8% year on year.
He was appointed chief executive of UBS London Branch and UBS Limited in November 2010. In 1987, Cryan joined S G Warburg, later acquired by UBS. He remains based in London.
Cryan’s move is the latest in a series of changes at senior management level. Last month, UBS announced that Philip J. Lofts, chief executive UBS Group Americas, was to return to his role of Group Chief Risk Officer. He replaces Maureen Miskovic, Group Chief Risk Officer since January 2011, who has left UBS.
Lofts was Group CRO from November 2008 and December 2010, becoming chief executive UBS Group Americas in January 2011. Robert J. McCann will assume the role of chief executive UBS Group Americas, in addition to his current role as chief executive Wealth Management Americas.
Ulrich Körner takes over the role of chief executive UBS Group Europe, Middle East and Africa in addition to his current role as Group Chief Operating Officer and chief executive Corporate Center.
These changes follow the appointment in September of Sergio P. Ermotti as Group Chief Executive.
Chairman of the board of directors Kaspar Villiger will be standing down at the Annual General Meeting on 3 May, 2012.
Axel Weber, who was to have been nominated to be Vice Chairman of the BoD, has been proposed to succeed Villiger as chairman.