The Swiss bank is naming Maximilian Kunkel as the head of investments for its ultra-high net worth unit, effective immediately, a source familiar with the move told finews.com. A 14-year veteran of UBS, Kunkel replaces Simon Smiles, who has left the Swiss bank for personal reasons. 

Kunkel had previously overseen investment strategy for the unit for Germany and Austria. A spokesman for UBS confirmed the 38-year-old economist's appointment and declined to comment on Smiles.

Super-Rich Revamp

Kunkel, who is based in Zurich, will report to European investment office head Themis Themistocleous. UBS in January restructured its business with the ultra-wealthy, which is run by Josef «Joe» Stadler, and renamed it global family office. 

The Australian-born Smiles spent 16 years at UBS and was long the public face of sustainability and investment efforts, with frequent media appearances including an annual report on billionaire behavior. Smiles, who began his career with the Swiss wealth manager as a telecoms analyst at its investment bank, was made a group managing director three years ago.