UBS has announced major changes to its executive line-up to capture more of the Asia Pacific region’s expanding market for ultra high net worth clients, the Swiss bank said today.

Amy Lo assumes the role of head of Ultra High Net Worth Asia Pacific, starting from January next year. She is currently regional market manager for Hong Kong as well as head of Ultra High Net Worth in Hong Kong.

Lo will report to Kathryn Shih, the chief executive of wealth management APAC, and to Josef Stadler, the global ultra high net worth head.

UBS created the position of head of UHNW clients in Asia in 2009. The position is in the interim being held by Carlo Grigioni, in addition to his role as vice chairman of the Swiss bank. Grigioni will now focus on deepening relationships with UHNW clients in the region.

Joining the team is Philip Kunz, who, effective November 2010, will serve as regional market head for South Asia 1, reporting to Christine Ong. Kunz was previously the regional head of wealth management at HSBC, and has also worked in senior roles at Clariden Leu, ABN Amro Private Bank and Credit Suisse.

Also recently appointed is Susan Co, as senior advisor and managing director to the UHNW business. Co is currently the regional market manager for Indonesia and the Philippines. In her new position, she will report jointly to Grigioni and Christine Ong, the CEO of UBS Wealth Management in Singapore, and will be working alongside senior advisors Kurt Kumschick and Yeong Phick Fui.

The Swiss bank is targeting an annual growth of 10 to 20 per cent in its Asia Pacific UHNW operations over the next three to five years. Of the CHF300 billion ($309.7 billion) UBS manages globally for UHNW clients, Asia accounts for 30 per cent of assets - or what it calls the fastest growing market for the UHNW segment globally.

The bank defines ultra high net worth as those with at least $50 million in investable assets.