UBS Investment Bank, a subsidiary of $31 billion UBS AG, has appointed Philip Lofts as the new group chief risk officer, effective immediately.

Lofts also will serve on the Group Executive Board, replacing Joseph Scoby who returns to his prior post as global head of Alternative and Quantitative Investments.

Lofts, who has been with UBS for over 20 years, most recently served as deputy group chief risk officer and group risk chief operating officer. In previous years, he has held senior risk positions in Europe, the United States, and Asia-Pacific.