Brian M. Storms, head of UBS Global Asset Management, Americas, is choosing New York over UBS. Storms is "unwilling for personal reasons to relocate to Chicago, which would have now been required in the role" said UBS on Friday. The decision, made on April 13th, is effective Monday.

The Chicago relocation is part of CEO and Chairman John Fraser’s goal to streamline some of the group’s functions, including information technology, finance, and human resources, said group spokeswoman Jennifer Plunkett.

"It’s Fraser’s sense that leadership of should be centralized in Chicago, which is the headquarters of UBS Global Asset management" Plunkett added. The Chicago office of the group has Chicago 319 employees; the New York office 272. The group does not plan on reducing the workforce in New York, said Plunkett.

Replacing Storms on April 19th is Kai Sotorp, former head of Global Asset Management, Asia Pacific. Sotorp’s position, now located in Tokyo, will be based out of Hong Kong. Christof Kutscher, head of UBS Global Asset Management’s Institutional and Wholesale Business, EMEA, will take over Sotorp’s post.

The firms anticipates announcing a replacement for Kutscher shortly, said Plunkett.

Both Sotorp and Kutscher will report to Fraser. 

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