UBS AG (UBS) Friday said it has appointed Philip Lofts as chief executive officer of its Americas region and named Maureen Miskovic as group chief risk officer, from January 2011, in another bid to strengthen management.

UBS's decision to split the role of chairman and CEO for the Americas reflects the growing importance of the region for the bank. Robert Wolf, who previously held both roles, will remain chairman of the Americas and president of the investment bank but will step down from the UBS group executive board.

"Given the importance of the Americas region, which has the largest concentration of UBS employees and is the world's largest wealth management market and investment banking fee pool, we decided to broaden our senior leadership team to provide the momentum necessary to develop key areas in the U.S., Canada and Latin America," said UBS CEO Oswald Gruebel.

In his new role as Americas CEO, Lofts will work with the business division heads toward achieving sustainable growth in the region with a focus on strategy, profitability and integration, UBS said. Lofts was previously group chief risk officer.

Miskovic, who was most recently chief risk officer of State Street Corp (STT), will be based in Zurich and will report to Gruebel. She will also become a member of the group executive board. Miskovic replaces Lofts, who since 2008 was group chief risk officer.

"Maureen's extensive experience in risk management will build upon and enhance the solid foundation of the new risk organization of UBS," CEO Gruebel said.

Wolf, meanwhile, will focus full-time on client relationships and business transactions in the Americas in his role as chairman. He will also continue to lead the firm's efforts in public policy in Washington, D.C., as well as community affairs and diversity initiatives in the region, UBS said.

Wolf was appointed chairman and CEO of UBS Group Americas and president of UBS's Investment Bank in 2007.

-By Goran Mijuk, Dow Jones Newswires, +41 43 443 80 47; goran.mijuk@dowjones.com
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