UBS Prime Brokerage Suffers Second Key Exit

May 2 2011 | 12:59pm ET

UBS is facing a major shakeup of its prime brokerage with the departure of a second top executive in as many weeks.

Ashley Jarvis has resigned as Hong Kong-based global head of business and capital consultancy, Reuters reports. Jarvis left the firm at least a week ago, his exit quickly following that of Asia-Pacific prime brokerage chief David Gray.

Jarvis had served in his most recent position for less than a year, having been named to the job in June. He reported to Gray.

It is unclear whether Gray's exit played a role in Jarvis', or indeed why Jarvis left at all. His future plans are also unclear. UBS last week named Tim Wannenmacher, formerly of Nomura Holdings' prime brokerage, to replace Gray.

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