SWITZERLAND - UBS Global Asset Management has hired Drew Welton, head of international marketing at Bank Sal Oppenheim jr & Cie.

Welton told IPE he would leave to Oppenheim on October 31 to join UBS on December 1 as head of European fund distribution.

He is not to be directly replaced at Oppenheim as his role is to be taken over in Germany, he explained.

Monika Dunant, deputy head of media relations at UBS, declined to comment.

Last month, Cologne-based Oppenheim reached a “fundamental agreement” to buy ING BHF-Bank from ING Group. In March it reported pre-tax income ion 2003 rose to 96.6 million euros from 60.8 million euros.

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