Lay has worked at UBS GAM for less than two years, but was promoted to his current role in February on an interim basis after Warren Tonkinson left to head up Old Mutual Wealth’s global distribution effort.
He is said to be in the process of leaving UBS GAM and has not been in the office in recent days but is still formally an employee of the firm.
Last week Old Mutual Global Investors also announced John Shepherd would be joining them from UBS GAM from 8 January. He is one of four new sales appointments and will head up UK discretionary sales.
James Bampton sales director at UBS GAM also left back in June, Portfolio Adviser can reveal, and after a six month break is set to return to the asset management industry in the new year.
Prior to UBS GAM Lay and Bampton worked for Fidelity International, overlapping for a number of years.
A spokesperson for UBS was keen to highlight that these departures are in no way connected to the 10,000 job cuts announced by UBS’ investment banking arm back in October.
