Wednesday, 26 October 2016
Last updated 10 min ago
Apr 1 2014 | 10:34am ET
The former Man Group executive Rainer-Marc Frey will leave UBS’ board next month, the bank said.
Frey has served as a director at UBS since 2008, joining after the bank accepted a bailout from the Swiss government. He will not run for re-election at UBS’ May 7 annual meeting, citing other commitments.
Frey, who founded fund of hedge funds RMF Investment Management before selling it to Man and spending three years with that company, runs alternative investments firm Horizon21. And he now co-owns British conglomerate Lonrho, which he and Swiss billionaire Thomas Schmidheiny took private last year.
UBS did not say whether Frey’s seat would be filled; under the bank’s statutes, it does not have to be.