Pierre de Weck, CEO of UBS Capital, UBS' private equity business, will leave the firm at the end of July to pursue other interests.
This follows a UBS announcement that the firm is to postpone the movement of UBS Capital to an affiliated status.
UBS Capital will continue to form part of the UBS Warburg business group, headed by chairman and CEO, Markus Granziol, under whose leadership an interim management team is being appointed.
According to a statement from UBS, challenging short-term conditions for the private equity market make it an inopportune time for the brand-building and fund-raising exercises connected with the launch of a new autonomous management company.
“UBS does not rule out increased autonomy as an appropriate future direction for its private equity business, in order to best capitalise on the expansion opportunities offered through third-party fund raising,” it added.
By Janet Du Chenne
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers