UBS has named Andre Cronje, former wealth management chief executive for the UK and Jersey, as chief operating officer of its investment bank.

The Zurich-based bank confirmed that Cronje replaces Sam Molinaro, who was appointed as COO last March, although Michelle Bereaux took over on an interim basis at the start of November.

UBS said Cronje’s experience spanning investment banking, wealth management and corporate center is a “major asset” as the firm seeks to reposition itself and strengthen partnerships across the group, particularly with wealth management.

It is understood that UBS is reducing staff and winding down its fixed income business to focus on areas such as foreign exchange and precious metals, as well as revisiting its private banking roots.

Cronje joined UBS in South Africa 13 years ago and has held senior roles in strategic advisory and M&A, having previously worked at UBS Warburg, Standard Corporate and Merchant Bank as an investment banker. He is a qualified lawyer and accountant.

In his new role, Cronje will work closely with business heads in corporate client solutions and investor client services, as well as with all finance, operations, technology, marketing and control teams to “strengthen the integrity and effectiveness” of UBS’s front-to-back operating and control environment, according to an internal memo.