UBS Asset Management Inc. appointed the former CEO of JP Morgan's global real assets business, Joseph Azelby, as head of its Real Estate & Private Markets division, IPE Real Assets reported.

Azelby was also a senior partner and head of real assets at Apollo Global Management LLC, according to the March 11 report.

Azelby succeeds Thomas Wels at UBS, who took on the role of divisional vice chairman in the global asset manager, in addition to his present position as senior adviser.