Wednesday, 31 August 2016
Last updated 19 hours ago
Oct 15 2010 | 12:37pm ET
UBS has boosted its Asia prime brokerage as it plans a major push for market share around the world.
The Swiss bank has hired 11 professionals for its Asia team this year, Asia prime brokerage chief David Gray told Reuters, including legal and information technology specialists. But the firm is not stopping with Asia.
Stuart Hendel, head of global prime brokerage at UBS, said the firm aims to boost its market share in the U.S. and plans to put a top banker in charge of its prime brokerage in Zürich, Switzerland. In addition, UBS has launched a managed-accounts business in London, so it’s ready no matter what becomes of the much-feared hedge fund exodus from the U.K.
“Some hedge funds have moved from the U.K. to Geneva and other places outside the main money centers, but it is a trickle,” Hendel told Reuters. “The whole regulatory environment is the huge elephant in the room when it comes to hedge funds.”