John Fraser will be the new secretary of Treasury, Prime Minister Tony Abbott says.
Mr Abbott confirmed the widely expected appointment, saying the Mr Fraser brought significant experience in both the public and private sectors.
He will replace Dr Martin Parkinson, and begin his term on January 15.
Mr Abbott said Mr Fraser was chairman of UBS Global Asset Management and other UBS entities in Australia and internationally.
"He was Chairman and CEO of UBS Global Asset Management from 2001 to 2013. He has been Chairman of Victorian Funds Management Corporation since 2009," he said in a statement.
"He has also held a number of senior Australian public service positions including as a Deputy Secretary in the Treasury."
Mr Abbott said Dr Parkinson had had a long and meritorious career within the Australian Public Service, including as secretary of Treasury and the Department of Climate Change.
"On behalf of the government, I thank him for his service to Australia and look forward to his further contribution to our country," he said.