Wednesday, 30 July 2014
Last updated 1 hour 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."
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…