Switzerland-based financial titan UBS AG (NYSE:UBS) continues to revamp its hedge fund operations and offerings in an attempt to stay competitive in today’s rapidly changing landscape. UBS is one of the largest financial institutions in Europe.
According to a brief article in the Wall Street Journal published earlier today, Swiss banking giant UBS has decided to establish a new equity-focused hedge fund division. An internal memo seen by WSJ sources over the weekend said the bank would be establishing a new group, to be named Capital and Consulting Services, that combines the European bank’s existing Capital Introduction and Business Consulting teams. The move to create a combined unit is expected to create significant operational efficiencies as well as offer more investing alternatives to UBS institutional and retail clients.
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Statement from UBS Global Head
“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 is quoted in the memo.
New unit to be led by Mike Sales
The memo also mentioned that the new hedge fund division will be led by London-based Mike Sales, formerly UBS’s Global Head of Business Consulting Services and Head of Capital Introduction for Europe, the Middle East and Africa. Sales’ boss will be Richard Heyes, UBS’s Co-Head of Global Financing Services EMEA as well as Global Head of Prime Brokerage Olsen.
In trading in New York today, UBS is up 14 cents at $20.40 as of 2:33 PM ET.