UBS names new global head of cash equities, reshuffles Australia team

HONG KONG Mon May 26, 2014 11:11pm EDT

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HONG KONG May 27 (Reuters) - UBS AG named Gary Head as its new global head of cash equities, promoting the Australia-based banker and triggering a reshuffle of the Swiss bank's management in that country, according to an internal memo obtained by Reuters on Tuesday.

A UBS spokesman confirmed the contents of the memo.

Head will relocate to London and be replaced in Australia by Chris Williams and Steve Boxall as co-heads of Australian equities, according to the memo.

The announcement follow Monday's news that Matt Hanning will take over UBS's top investment banking job in the Asia-Pacific region from Matthew Grounds, who will become the bank's chief executive for Australasia.

(Reporting By Lawrence White; Editing by Matt Driskill)