UBS has drafted in the chairman and chief executive of its global asset management business to head its newly-set up operations in the Kingdom of Saudi Arabia, as the Swiss wealth manager becomes the latest bank to target the oil-rich region.

UBS has announced that John Fraser, chairman and chief executive of UBS Global Asset Management and a group executive board member, will also now become chairman of UBS Saudi Arabia, following the decision by the Capital Markets Authority in the Kingdom to grant conditional authorisation to set up operations in the country.