' U.S. mutual fund business reports to a new master. The MFWire
has learned that Kai Sotorp
, head of global asset management in the Americas, is stepping down immediately, to be succeeded by Shawn Lytle
, deputy global head of equities. Sotorp will be sticking around for a month to help with the transition before taking some time off.
"He [Sotorp] is taking a three-month leave and then he'll be back taking a to-be-determined role in asset management," confirmed Kris Kagel, a spokesman for UBS.
In his new post, Lytle reports to John Fraser
, chairman and CEO of global asset management.
Sotorp first took over asset management in the Americas six years ago, after leading UBS' Asian asset management business.
Neil Anderson, Managing Editor
Stay ahead of the news ... Sign up for our email alerts now