Banking giant UBS names Cork native Colm Kelleher as chairman

Bandon born Colm Kelleher will take up the job at UBS next year when the current chairman Axel Weber is due to retire

Colm Kelleher, the Cork native who has been named chairman of Swiss banking giant UBS. File Picture

Swiss banking giant UBS has named Co Cork native Colm Kelleher as chairman of the world's largest wealth manager.

Mr Kelleher, 64, was for many years with US investment bank Morgan Stanley before stepping aside in 2019 although he continued to have an advisory role with the Wall Street firm.

He was born in Bandon and has retained links with Ireland having spoken at conferences with the IDA in recent years.

Mr Kelleher will take up the job at UBS next year when the current chairman Axel Weber is due to retire.

In a statement on Saturday, UBS said it will nominate Mr Kelleher as chairman and Lukas Gähwiler as its vice chairman at its annual general meeting in April to succeed Mr Weber "who will have reached the maximum term limit after 10 years in office and will thus not stand for re-election".

Up to 2019, Mr Kelleher was president at Morgan Stanley responsible for institutional securities and wealth management. He was also previously chief financial officer and co-head of corporate strategy during the financial crisis.

He holds an MA in modern history from Oxford University and is a fellow of the Institute of Chartered Accountants, UBS said.

If confirmed, Mr Kelleher will take the reins of a Swiss bank with healthy accounts.

In October, UBS posted its highest quarterly profit over the past 11 years, with trading by the world's ultra-rich fuelling a 23% rise in fee income.