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UBS Asset Management Replaces Retiring CEO

UBS Global Asset Management has named Brian Storms CEO of the firm's Americas division. Effective July 1, Storms will replace Benjamin Lenhardt, who is preparing for retirement.

Lenhardt will remain chairman of UBS Global Asset Management until his planned retirement in December 2003. He will continue to focus on building and managing senior client and consultant relationships, according to the firm.

Storms has served as president and COO of the Americas division since 2001. He joined the firm in 1993, most recently serving as head of Asia Pacific, where he oversaw the firm's offices in Tokyo, Singapore, Hong Kong, Taipei and Australia.

The move will not affect UBS Global Asset Management's investment philosophy and processes or its core investment platform, said UBS CEO John Fraser, who Storms will report to after the change.