Swiss bank UBS is launching a new unit catered to hedge fund clients.
The Wall Street Journal reported that the division, called Capital and Consulting Services, is the combination of UBS’ existing capital introduction and business consulting teams. The unit will be managed by London-based Mike Sales, who was most recently UBS’ global head of business consulting services and head of capital introduction for Europe, the Middle East and Africa.
UBS global head of prime brokerage Reinhardt Olsen explained that “the combination will enable [UBS] to offer a more strategic agenda for hedge fund clients.”
UBS has another hedge fund unit, called O’Connor, which manages approximately $5.7 billion in assets.