UBS has appointed new co-country heads for Australasia, as Matthew Grounds announces his plans to retire from the firm.
Grounds will retire at the end of the year after 11 years as UBS Australasia's country head and chief executive.
"Matthew has been an integral part not only of the Australasian franchise and all the success that it has achieved, but also of the wider investment banking business and UBS as a whole. He is the consummate leader and client banker, building and shaping a business that has proven itself consistently over time," UBS said.
The firm has appointed Anthony Sweetman and Nick Hughes, as the new co-country heads of UBS Australasia.
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Sweetman will also continue in his existing role as co-head of corporate client solutions, Australasia and Hughes will also remain as country operating officer, Australasia.
Over the next six months, Grounds will focus on ensuring an orderly handover to the newly appointed country heads in early August.
Grounds had a 25 year-long career with the firm.
In addition to serving as the UBS Australasia country head and chief executive for the last 11 years, he was also the joint head of investment banking for UBS Australasia from 2003 to 2011 and served as joint global head of investment banking from 2011 to 2013.
He is a former member of the investment bank global executive committee from and was chair of IB APAC management committee from 2016 to 2019.
"Having worked alongside Matthew in a senior leadership capacity across the bank for the past two decades, there is no doubt that under Nick and Anthony's direction the business will continue to thrive, and the strength of culture that has for so long defined our offering will be maintained," UBS said.