{"id":1165,"date":"2003-09-25T00:00:00","date_gmt":"2003-09-25T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"ubs-says-it-is-buying-abn-amros-prime-brokerage-us-unit","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/09\/2003\/ubs-says-it-is-buying-abn-amros-prime-brokerage-us-unit.html","title":{"rendered":"UBS says it is buying ABN AMRO&#8217;s Prime Brokerage U.S. unit"},"content":{"rendered":"<p>ZURICH, Switzerland (AP) &#8212; Swiss banking giant UBS will buy the U.S. Prime Brokerage unit of ABN Amro Holding N.V. of the Netherlands for US$250 million, the two companies said Thursday.<\/p>\n<p>  The unit employs 190 people, mostly in New York and some in San Francisco, Dallas and Boston. It has around 300 hedge fund clients.<\/p>\n<p>  The deal is expected to close in the fourth quarter, the companies said.<\/p>\n<p>  UBS said the unit is an excellent fit for UBS&#8217;s own business because it focuses more on smaller U.S. hedge funds.<\/p>\n<p>  &#8220;This transaction presents an opportunity to accelerate our Hedge Fund Services business strategy by building relationships with clients at an early stage of their growth,&#8221; said John Costas,  chairman and CEO of UBS Investment Bank.<\/p>\n<p>  Prime Brokerage provides services such as securities lending, clearing, funding, custody and trade execution to hedge fund managers and other professional money managers in the United States.<\/p>\n<p>  Hugh Scott-Barrett, a member of the ABN Amro managing board, said, &#8220;This decision has been taken as part of our strategy to focus increased resources on a more limited range of core activities&#8221;  for wholesale clients.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ZURICH, Switzerland (AP) &#8212; Swiss banking giant UBS will buy the U.S. Prime Brokerage unit of ABN Amro Holding N.V. of the Netherlands for US$250 million, the two companies said Thursday. The unit employs 190 people, mostly in New York [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-1165","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/1165","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=1165"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/1165\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=1165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=1165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=1165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}