Union Bank of Switzerland appointed a new president and marketing director for its asset management division in New York after two executives resigned.

Jim McCaughan, named to run the institutional money management business for Union Bank in the United States, will replace president Thomas Messmore. Mr. McCaughan has worked for the bank's asset management unit in Europe for more than 20 years.

Another Union Bankveteran from London, George Jamgochian, will replace marketing director John Hock in New York.

The appointments were made by Union Bank's executive vice president, Arthur Decurtins, who runs all private banking and institutional management in Zurich. In a press release, Mr. Decurtins said Mr. McCaughan's experience should provide "a strong and appropriate interaction between UBS Asset Management (New York) and all the other units of UBS Group."

Analysts said the changes do not signal a shift in focus for the asset management unit.

"They aren't changing the orientation of the group," said Ian McEwen, an analyst with Goldman Sachs & Co. in London. "It looks to me like more of a change in personalities than in business strategy."

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