ZURICH - UBS AG, which was recently bought by PaineWebber Inc., on Thursday announced several management appointments Thursday.

PaineWebber's president and chief executive officer, Joseph Grano, was appointed to the banking company's seven-member executive board. Mr. Grano, 52, is also president of UBS Warburg's private client and asset management division.

UBS also named John Costas, 43, as president and chief operating officer of UBS Warburg, its investment banking unit, and head of its corporate and institutional clients and private equity division. Mr. Costas had headed Warburg's U.S. investment banking arm since last year.

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