Fraser, who has held the position since 2001, is stepping down at the end of the year following a financial career spanning five decades, beginning in the Australian treasury.
He will continue as chairman of the division while “assisting with the transition”, UBS said.
Ulrich Koerner, currently chief operating officer, will take over from Fraser while maintaining his role as CEO for Europe, the Middle East and Africa, the bank said.
With invested assets of 574 billion francs, UBS Global Asset Management has offices in 26 countries and bills itself as "the largest fund house in Europe".
It is the largest mutual fund manager in Switzerland and "one of the largest fund of hedge funds and real estate managers in the world".
Among other changes, Tom Naratil, UBS’s chief financial officer will also become chief operating officer, starting in the New Year.
Switzerland’s largest bank said it was also reorganizing its corporate centre.
The department overseeing human relations, communications and branding, group regulatory relations and strategic initiatives will report directly to Sergio Ermotti, the chief executive officer, the bank said in a news release.
UBS is also merging its compliance and operational risks departments to be overseen by Phillip Lofts, chief risk officer.