New York (HedgeCo.Net) – Swiss banking giant UBS is launching an equity-focused hedge fund according to a WSJ report. The new hedge fund will be called Capital and Consulting Services and will be run by Michael Sales, the Global Head of Business Consulting at UBS Prime Brokerage.
“The combination will enable us to offer a more strategic agenda for our hedge fund clients,” UBS’s Global Head of Prime Brokerage Reinhardt Olsen said in a memo seen by the WSJ.
Also in the news, UBS Fund Services announced a new service to support hedge managers with distribution in Switzerland. Distribution has gotten stricter since the amendment of the Swiss fund law in March 2013. USB reports that alternative investment funds (AIFs) distributed in Switzerland will now need a Swiss representative and a Swiss paying agent (in addition to UCITS funds).
“We have created a unique offering which fits perfectly to our UBS Fund Services’ one-stop shop approach.” André Valente, head of UBS Fund Services said. “Both representative and paying services can be offered in-house and a dedicated team ensures both compliance with all regulatory matters and a competitive time to market. We understand that in depth knowledge of fund distribution from both a regulatory and economic point of view is key, hence, our legal representative services team also serves as competence center for fund distribution to both private label fund and representative clients.”
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