UBS has shaken up the senior ranks of its private markets unit as the Swiss bank continues to build closer links between its investment bank and its vast wealth management unit.

The Swiss bank has named Giuseppe De Filippo as head of direct investment distribution in Europe, the Middle East and Africa and Enrico Mattoli as head of the business in Asia, according to an internal memo sent by wealth management boss Iqbal Khan and investment bank co-president Piero Novelli seen by Financial News. This comes as UBS shifts to a regional management structure for the division.