Industry veteran John Nestor has agreed to take charge of the UK business of UBS Global Asset Management, taking over from Matthew Stemp.

Prior to agreeing to join UBS Global, Nestor was briefly head of UK distribution at consulting firm Hewitt Associates. Before that he worked at Citigroup for six years, latterly within its structured solutions group where he was responsible for positioning the marketing of liability driven solutions to pension schemes. He had also served as business head in Europe, Middle East and Africa for Citigroup Asset Management.