GLOBAL – UBS’s GAM alternative investments unit has named David Solo as its new chief executive, replacing incumbent Burkhard Poschadel.

“The directors of GAM Holding AG have today announced that Burkhard Poschadel will become Vice Chairman of GAM Holding AG and David Solo will succeed him as GAM's new chief executive officer,” a statement said. The changes will come in to effect on May 10.

Poschadel became CEO on April 1 2000, shortly after UBS bought GAM.

GAM chairman Hans de Gier said: "Burkhard has delivered excellent results in stabilising the organisation after the acquisition, as well as growing the business and increasing GAM's profitability.”

Solo has had several top jobs at UBS, including head of global fixed income and derivatives, chief operating officer of the global investment bank and group chief risk officer.

He said: "The world of alternative and active asset management is going through significant growth and change. GAM's reputation for excellence in fund management and fund manager selection positions it perfectly as the trusted source of investment advice.”

UBS this week reported a more than doubling of its hedge fund assets and said that growth in the asset class is “set to continue”.

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