He became interim chairman of UBS last October, following the departure of Mathis Cabiallavetta. Krauer became vice-chairman of UBS's predecessor, Swiss Bank Corp, in 1994 and has been credited as one of the main forces behind UBS's plan to scale back investment banking in favour of wealth management. Jörg Schultz has been appointed chief executive of Credit Suisse Asset Management Funds with affect from July, following the retirement of Heinz Hoffman. Shultz is currently head of research and product development at CSAM, Switzerland. Hoffman is also relinquishing his chairmanship of the Swiss Securities Clearing Corporation and Swiss Funds Association. Henry Wegmann remains chief executive of CSAM, Switzerland and a member of the executive board of Credit Suisse Asset Management. Seth Waugh has left Merrill Lynch to become president and chief executive of US hedge fund Quantitative Financial Strategies. Waugh was most recently deputy chief of Merrill Lynch's global bond unit. He had been demoted from the deputy position three months previously, after third-quarter bond trading losses led to 3,400 job cuts. Kenneth Lewis has been appointed president of Bank of America, the largest bank in the US. He was previously president of consumer commercial banking and on the corporation's policy committee. Lewis has worked at Bank of America since 1969. Itschak Shrem has been appointed a non-executive director of Shore Capital, the UK securities, corporate finance and and investment group. Shrem is also chairman of Dovrat Shrem, the Israeli independent investment bank. Former chairman of Liffe, Jack Wigglesworth, has been appointed non-executive director of Capital Value Brokers. Wigglesworth joins from ABN Amro.