The Governor-General of Australia has named John Fraser, chairman of UBS Global Asset Management, as new secretary of the treasury, effective 15 January next year.

Fraser, who will be holding the position for five years, will replace Martin Parkinson.

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Fraser worked for Treasury until 1993 when he joined Swiss Bank Corp, which then merged with UBS Group.

Sergio Ermotti, CEO of UBS Group, said: "It is great to see a long-time UBS executive appointed to such a prominent role. I’d also like to thank him for the lasting contribution he has made to UBS as a leader, an executive board member and a colleague over the last two decades."

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