As initial anxiety over Donald Trump’s victory gave way to market euphoria in the days following the election, there was a casualty. Gold prices.
Tuesday, 24 January 2017
Last updated 7 hours ago
Oct 25 2011 | 8:53am ET
UBS has denied a report that it could cut two of its largest alternative investment businesses.
According to Reuters, the Swiss bank is mulling a plan that would do away with its its private equity placement business and UBS-O'Connor, its asset management business' hedge fund arm, as it seeks to scale back its operations in the wake of a US$2.3 billion rogue trading scandal. The bank may also reduce its presence outside Europe, including in the United States.
But UBS spokesman Torie van Alt called dismissed the report as "rumors" that are "categorically untrue."
"We are not closing either our Private Funds Group or O'Connor business."