Mark Haefele has been unveiled as the new global chief investment office at UBS Wealth Management.

Mark Haefele has been unveiled as the new global chief investment officer at UBS Wealth Management.

He takes over from Alexander Friedman who has decided to step down after three years in the role, the bank said.

Haefele will also join the executive committee, stepping up from his current job as as head of the CIO global investment office.

“We are pleased that Mark Haefele has accepted this key role for UBS Wealth Management. Mark is a highly qualified investment expert with a global track record. His management skills and ability to transform his deep market knowledge into relevant information that benefits our clients, make him the ideal successor for this important position," said Juerg Zeltner, chief executive of UBS Wealth Management.

The chief investment office manages the discretionary and advisory assets of wealth management clients worldwide, and provides the firm’s clear, consolidated view on all markets and asset classes.

UBS said the move comes at a time when the company is focusing on expanding in emerging markets and Asian geographies as well as its alternative investing.