Joseph Hershberger is leaving his position as managingdirector and global head of asset management banking at to joinUBS Group AG as avice chairman in its financial institutions group, Reuters reported March 29,citing an internal UBS memo confirmed by a company spokesperson.

In his new role, Hershberger will focus on the bank's globalasset management efforts. He will be based in New York and will start workingin the second quarter, the newswire noted.

Meanwhile, Credit Suisse appointed Hamish Summerfield, thebank's current head of asset management for Europe, the Middle East and Africa,as its new head of global asset management, Reuters wrote, citing a separatememo. Summerfield will be based in New York.

Credit Suisse made the announcement a day after it wasreported that global asset management head BobJain is leaving the bank to join Millennium Management LLC as co-chief investment officer.