Australia’s Governor-General Peter Cosgrove has just appointed UBS banker John Fraser as Secretary of the Treasury.

He will start his new role in mid-January 2015 and will hold the position for five years.

He is currently chairman of UBS Global Asset Management and other UBS entities in Australia and internationally. He was chairman and CEO of UBS Global Asset Management between 2001 to 2013 and has held the position of chairman of the Victorian Funds Management Corporation since 2009.

Fraser has also previously worked as the Deputy Secretary in the Treasury.

Fraser’s appointment follows the resignation of Martin Parkinson this year.

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