Hedge Fund Reader : Costas to build hedge fund unit for UBS

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July 15, 2005

Costas to build hedge fund unit for UBS

Some changes, which are part of the restructuring plans, have been announced within UBS recently. John Costas who was previously the chief executive of UBS, is now appointed as head of a new hedge fund unit at the Swiss bank. Huw Jenkins, currently the head of equities, will now be the chief executive. Dillon Read Capital Management which is the new business of UBS will manage a number of hedge funds and will also make proprietary trading available to third-part investors. In the last few years, Costas has been chiefly responsible for taking UBS investment bank to the top. By the end of the year however he will withdraw from the executive board of UBS but will continue as non-executive chairman of the bank. Industry analysts feel that Costas move seems to be of his own will rather than that of the bank. All these changes are part of a total revamp plan to regroup wealth management businesses and bring together the bank's U.S., Swiss and international wealth management business. Apart from this Swiss corporate and retail banking unit will be grouped under global wealth management and business banking. Reuters.co.uk reports:

"The regrouping of the wealth management businesses will bring together the bank's U.S., Swiss and international wealth management busineses. It will also bring its Swiss corporate and retail banking unit into one group called global wealth management and business banking."

Link: UBS names John Costas to build hedge fund unit .

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July 15, 2005 in Research | Permalink