UBS Group AG’s asset management unit has named Charlotte Baenninger as head of fixed income, replacing John Dugenske, according to an internal UBS memo.
Baenninger, who has led the asset manager’s fixed-income business on an interim basis since January, has formally agreed to take on the role, Suni Harford, UBS Asset Management’s head of investments, said in the memo. Dugenske left UBS to become Allstate Corp.’s chief investment officer early this year, according to a statement from the insurer in December.
Baenninger has been leading UBS Asset Management’s effort to revamp its fixed-income business, including the investment process, systems and infrastructure, and talent management, according to the memo. The UBS unit oversaw $233 billion of fixed-income assets, including money market accounts, at the end of September, the Swiss bank’s third-quarter earnings report shows.
“Charlotte has a true vision for the future of our fixed income franchise,” Harford said in the memo. “I am confident that she and the highly experienced team we have in place are well-positioned to build on the strengths of our global platform.”
A UBS spokesperson confirmed the information in the memo.
Baenninger has spent her entire career at UBS, joining the bank as a trainee in 1987. In 2001, she was appointed UBS Asset Management’s head of fixed income for Switzerland and Central and Eastern Europe, the Middle East and Africa.
Her predecessor, Dugenske, had served as global head of fixed income since October 2013, having previously led the firm’s Americas division.