UBS, which has spent more than six months seeking a big name to run its European wealth division, has appointed Jacob Stott, the former JP Morgan banker who was credited with successfully integrating Bear Stearns in Europe.

Stott will run UBS's European wealth operation where he will have leadership authority over more than 45 UBS local offices in 10 European countries including Germany, France, the UK and Monaco. Switzerland will continue to be run separately by Stefan Bodmer.