Profond Vorsorgeeinrichtung, a Swiss investor which proposed a rights issue as an alternative to UBS's plan to sell a 9% stake to a sovereign wealth fund, has called for the Swiss bank to choose an entrepreneur to take over as its long-term chairman following the departure of Marcel Ospel.

Peter Schnyde, manager of Profond's French business, said he expected Peter Kurer, the bank's general counsel who has been nominated for election to the board of UBS with the intention of being proposed as chairman, would at most be only a short-term replacement.