UBS To Open Admin. Office In New York

UBS' fund administration business is coming to America.

UBS Fund Services will open its first office in the U.S. on July 1. The New York base will actually be the group's third in North America, after Toronto and the Cayman Islands. Some professionals from the latter will be transferred to New York; the new office will also recruit.

The office is the result of demand from clients, HFMWeek reports, who wanted a local presence for their administration. It's also only UBS' first foray into the U.S.; the firm plans to hire business development pros in Texas and on the West Coast.

UBS' move into the U.S. market follows its expansion to Asia last year, with offices in Hong Kong and Singapore.