UBS Global Asset Management is shaking up its hedge fund platform.
The firm said today that its alternative and quantitative investments platform will be split into two separate business areas with immediate effect. The first will be the multi-manager and hedge fund advisory business, which will be called the Alternative Investment Solutions group. The second unit—the single manager hedge fund business—will simply be called O'Connor.
The Alternative Investment Solutions (AIS) business—one of the largest investors in hedge funds in the world, according to InvestHedge, will be led by Bill Ferri. Under Ferri’s leadership, AIS will be expanded to include additional entrepreneurial businesses in the alternatives arena.
Dawn Fitzpatrick will assume full leadership of O'Connor, in addition to her current role as CIO. Fitzpatrick will become a member of the Global Asset Management Executive Committee, reporting to John Fraser, Chairman and CEO of UBS Global Asset Management.
According to John Fraser, "the move allows each business to operate as distinct entrepreneurial boutiques – something that is increasingly important for our clients." He added, "it also provides focused leadership to drive the further growth of these successful alternatives businesses, a key strategic priority for UBS Global Asset Management."
UBS Global Asset Management has invested assets totaling $621 billion. The firm is one of the largest fund of hedge funds and real estate investment managers in the world.
AIS, the multi-manager and hedge fund advisory business, currently has assets under management of $25.4 billion. Its teams are located in Stamford, Conn., New York, London, Zurich, Hong Kong and Tokyo.
The O’Connor business is dedicated to absolute return investment management and manages in excess of $5.2 billion in non-traditional strategies. O'Connor has offices in Chicago, London, New York, Hong Kong and Singapore.