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...US investment firm Harris Associates, which has more than $100bn in assets under management, “sold the stock last year as [we] lacked confidence that management could repair the business”, David Herro, the...
...The activist believes UBS can be more profitable by increasing its focus on wealth management, especially in the US, where it lags Morgan Stanley, according to people familiar with Cevian’s approach....
...UBS chief executive Sergio Ermotti has hit out at European politicians and regulators for deliberately suppressing the continent’s banks and allowing US rivals to dominate globally....
...The deal also included an agreement where Atlas would provide investment management services to some of the assets Credit Suisse retained....
...“UBS continues to be seen and valued like a conventional European bank, despite being the largest global wealth manager and deriving around 60 per cent of its revenues from wealth and asset management,”...
...the former chief executive of US-based Principal Asset Management....
...Rokos Capital Management, which manages about $16bn of assets, is up 8.8 per cent in 2024 to February 16. It told investors that the gains were largely driven by the recent sell-off in bond markets....
...UBS said it planned to raise assets in its crucial wealth management business to more than $5tn by 2028 and complete the legal merger of both holding companies by the end of June....
...*Ignites Asia is a news service published by FT Specialist for professionals working in the asset management industry. Trials and subscriptions are available at ignitesasia.com....
...The audacious move has ignited a rare public feud in the asset management industry: on Monday Barings filed a lawsuit against two of its defecting executives and Corinthia....
...The former head of Credit Suisse’s wealth management business, Francesco de Ferrari, has become the latest executive of the fallen bank to leave UBS....
...JPMorgan derives a smaller proportion of group income from wealth (and asset) management — under 15 per cent — yet has more US wealth assets under management than UBS, points out Cevian....
...BNP Paribas Asset Management launched its first active ETFs in Europe in February....
...So UBS really does trail behind the market leaders, the Wall Street firms in the US in terms of wealth management....
...Others are looking at sectors that might benefit from government intervention, with a UBS Asset Management research note suggesting that the “historic underperformance” of Chinese state-owned enterprises...
...The bank has a new three-year strategy designed to boost its wealth division that includes an aim of increasing invested wealth management assets from $3.8tn to more than $5tn by 2028....
...BlackRock has scaled back its commitment to Climate Action 100+ while State Street, JPMorgan Asset Management, Pimco and Invesco have withdrawn entirely....
...Asset managers will have at least two years to comply. “In anticipation of evolving regulation we renamed two US sustainable money market funds,” UBS said....
...If that deal is picked apart by the US Department of Justice, it could knock about 8 per cent off Apple’s EPS, UBS says. 9....
...And one upcoming event: I hope to see lots of you tomorrow and Wednesday at our Future of Asset Management Europe event, taking place at the Carlton Tower Jumeirah, London....
...“Much of the friction of understanding bitcoin and doing the work on bitcoin asset managers was done in 2021,” reckons Steve Kurz, global head of asset management at Galaxy, referring to the private bitcoin...
...Anyway, here’s the lowdown on asset management for this week. You’ll be back in Harriet’s capable (and tanned) hands next time....
...UBS has promoted 177 new managing directors. More info including names on their website....
...The UBS study also found that 62 per cent of billionaires cited ‘geopolitics’ as their biggest business concern, above inflation and the possibility of a US recession....
...“When you move something from the banking system to asset management, you move it, for the most part, from a levered system to an unlevered system,” Rowan said....
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