UBS Trimming Stock Team In Hedge Fund Unit

Jun 4 2013 | 11:39am ET

UBS' hedge fund unit will lay off more than one-third of its equity long/short team.

UBS O'Connor plans to slash 16 positions from the fundamental long/short team, which currently employs 46 of its 80 employees. Most of the layoffs will be in the U.S., and are not related to the bank's plan to slash 10,000 jobs.

The layoffs were first reported by

The US$5.7 billion hedge fund also plans to triple the size of its corporate credit relative-value team to 15 members.

"We regularly review our business mix to address market changes and focus our resources where we see the most attractive risk-adjusted investment opportunities," UBS spokewoman Megan Stinson told Bloomberg News. "We are actively expanding in areas that marry strong investor demand with our talented investment professionals."

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