UBS has appointed Andreas Höfert chief economist of Wealth Management & Swiss Bank, replacing Klaus Wellershoff, who is leaving the bank in order to concentrate on his ongoing projects as an independent economic expert.

Mr Höfert’s previous role was that of head of macro and fixed income research for wealth management in the US. He has been with UBS since 1999, initially as a senior economist with the corporate centre and later as the head of Swiss macroeconomic research in the investment bank.

"The role of the chief economist has an important meaning at UBS. In these times of fundamental economic change, independent analysis and recommendations are critical for our clients," said Oswald Grübel, group chief executive.