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Technology > Investment Platforms > Turnkey Asset Management

UBS Juggles Asset Management Units

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ZURICH, Switzerland (–Joe Scoby, chief executive of UBS unit O’Connor, has been given responsibility for UBS Global Asset Management’s alternative and quantitative investments, not counting real estate.

In addition, parent company UBS AG created a private bank holding company that houses hedge fund manager GAM, as well as five independently run private banks Armand von Ernst, Banco di Lugano, Bank Ehinger, Cantrade and Ferrier Lullin.

Mr. Scoby retains his role at O’Connor in Chicago and also will be in charge of AIS, UBS’ Hong Kong hedge fund of funds business, and DSI, UBS’ New York enhanced equity index manager. UBS expects to pool the various companies’ resources under Mr. Scoby. Units under his control manage 15 billion Swiss francs (US$10.9 billion). Danny Schweizer, former chief executive of UBS Warburg Switzerland, moved to Chicago to act as deputy CEO of O’Connor.

UBS’ various real estate assets management units will be consolidated under Jim O’Keefe. That group manages 20 billion Swiss francs worth of holdings in commercial and multi-family real estate, timber and agricultural real estate. The unit expects to expand in Europe.

The new private bank holding company will be created some time before July and will create a common platform for the divisions to share. Hans De Gier, currently UBS executive vice-chairman, will be chairman of the new company. Risk and compliance will be integrated within UBS’ control structure.

Additional information about GAM’s role in the new company could not be obtained.

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