UBS hires deputy chief investment officer for Americas from JPMorgan

NEW YORK: UBS Group AG has hired a new deputy head of its chief investment office in the Americas, one of the Swiss bank's most public-facing divisions in the United States, according to an internal memo seen by Reuters on Monday.

Solita Marcelli, who will start the job in October, joins UBS from JPMorgan Chase & Co's global wealth management business where she was global head of fixed income, currencies and commodities.

JPMorgan spokesman Robert Carosella confirmed Marcelli had left the bank. Russell Budnick has been named JPMorgan's new global head of fixed income, and Scott Schnipper is the new global head of foreign exchange, commodities and rates, Carosella said.

As deputy CIO Americas, Marcelli will answer to Mike Ryan, who heads the North America division and frequently appears on TV and at conferences to address how trade disputes and other macro economic factors may impact clients' portfolios.

Marcelli will work closely with John Mathews, head of the family office solutions group, a group that works with the family offices of some of the bank's wealthiest clients.

Marcelli is also a financial leadership fellow at the Aspen Institute's global leadership network.