Patrizia, a German-based property investment manager, is naming Thomas Wels its co-CEO, effective May 1, the company said in a statement on Wednesday. He is a 15-year veteran of UBS, where he ran the bank's real estate and private markets arm for nearly fourteen years. 

Wels, who was made a vice-chairman at UBS last year, is to expand Patrizia as well as tap new segments and international markets, the company said. Patrizia manages more than 44 billion euros ($48 billion) in assets.

Wels was also operating chief of UBS' asset management unit until last year. He began his career as a McKinsey consultant before joining the Swiss bank in 2005.