WEST PALM BEACH, FL (www.hedgeco.net) – UBS Asset Management has announced that it is forming a new hedge fund unit by merging two of its wealth management divisions. Chief Executive Peter Wufflisaid, “We integrate similar functions where it makes sense. We have a strong track record of benefiting from an integrated approach – the combination we are announcing today is the right next stepmade at the right time.� According to published reports, the head of UBS banking unit, John Costas, will become head of the new hedge fund unit.
Costas will head the new alternative Investment Management unit named Dillon Read Capital Management, with approximately 120 employees. Drawn mostly from the companies New York office, UBS said its team investment strategies will be sold to mostly institutional investors. The bank further said, �It will build a new stream of investment management fees from what has until now been a purely in-house trading activity.�
According to UBS, Huw Jenkins, head of its equities business, will replace Costas as the head of the investment bank. The bank is merging its U.S. international operations as well as its Swiss corporate and retail unit into one operation. Those two divisions together manage over $1.4 trillion in total investment assets.
UBS head of wealth management, Raoul Weil will be in charge of the new wealth management division, while Mark Sutton formerly of PaineWebber has been named as the Chairman and CEO.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: Editor@hedgeco.net
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