Saturday, 23 July 2016
Last updated 19 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."