Oct. 3 (Bloomberg) -- UBS AG said it hired Intesa Sanpaolo SpA’s Fabio Innocenzi as chief executive officer of its Italian wealth management unit.

Innocenzi, 50, succeeds Ferruccio Ferri and his appointment is effective on Nov. 1, according to an e-mailed statement today. At Intesa, Innocenzi oversaw the bank’s units in north- eastern Italy.

Ferri is becoming chairman of UBS’s Italian fiduciary unit after a year in which UBS boosted sales and net new assets at the wealth management division, according to the statement.

--Editor: Francis Harris

To contact the reporter on this story: Elisa Martinuzzi in Milan at emartinuzzi@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net