A wealth manager, rather than an investment banker, received the largest pay package at UBS last year for the first time since the Swiss bank began disclosing its annual pay practices - a sign of the group's decision to shift its focus back to private banking.

According to the bank's annual report, released today, Robert McCann, head of UBS's wealth management arm in the Americas, who was promoted in December as UBS's regional head in the region, was paid Sfr9.2m ($9.9m) in 2011.