Swiss banking giant UBS has reportedly created a new equity-focused hedge fund unit, named Capital and Consulting Services.
An internal memo seen by The Wall Street journal said the new group combines UBS’ existing Capital Introduction and Business Consulting teams.
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"The combination will enable us to offer a more strategic agenda for our hedge fund clients," UBS’s global head of prime brokerage Reinhardt Olsen said in the memo.
The new hedge fund division will be led by London-based Mike Sales, formerly UBS’s global head of business consulting services and head of capital introduction for Europe, the Middle East and Africa, according to the memo.
Sales will report to Richard Heyes, co-head of global financing services for EMEA as well as to Olsen.
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