Switzerland’s UBS has big expectations for its asset management division, following a strategic review that laid out ambitions to more than double profits from the unit. Now, it’s hired a new head of European asset management from rival Pioneer Investments, based in London.

Oliver Bilal is to join UBS in May as head of asset management in Europe, Middle East and Africa, according to an internal memo by Ulrich Koerner, president of UBS Global Asset Management. Bilal will also join UBS's global asset management executive committee.