UBS Prime Brokerage Chief Gray Out, Nomura's Wannenmacher In

Apr 26 2011 | 11:43am ET

UBS has lost its Asia-Pacific prime brokerage chief, David Gray.

Gray, who has spent the last 17 years with the Swiss bank, has left the firm, UBS said. It is unclear what his future plans are.

Gray will be replaced by Nomura Holdings' Tim Wannenmacher. Wannenmacher was head of global prime services at Nomura. He formerly served as head of prime brokerage in Asia at Lehman Brothers, whose Asian and European businesses Nomura acquired in 2008.

"Tim brings with him a wealth of experience and was instrumental in building out the prime services business for both Lehman and then Nomura in terms of revenue, product and breath of coverage," UBS said in an internal memo.

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