Having been convinced by UBS boss Oswald Grübel to stay on as head of the Swiss bank's global asset management business, John Fraser has the tough task of reshaping the division, long been rumoured to be for sale.

Talks with possible buyers, including BlackRock, took place last year but the straight- talking Australian last week confirmed UBS's commitment to the funds arm as well as his own position as its chairman and chief. The 58-year-old, however, could still look at joint-venture deals for parts of the business.