UBS Announces Senior Management Changes in UBS Investment Bank and Strengthens the Risk Control Function
LONDON & NEW YORK & ZURICH--(Business Wire)--
UBS today announced a number of management changes within UBS
Investment Bank (IB) and organizational changes to the Group Risk
Control function.
UBS Investment Bank
Within UBS Investment Bank, Daniel Coleman has been appointed
Global Head of Equities. John Wall, formerly Co-Head of Global
Equities with Coleman, will transition to a new position as Global
Head of Proprietary Trading, with responsibility across Equities and
Fixed Income. Both Coleman and Wall will continue to report to Jerker
Johansson, Chairman and CEO of UBS Investment Bank.
"Daniel has played an integral role in the development of our
market-leading Equities franchise over the past few years and I am
confident that he will continue to build on this success," said
Johansson. "Having someone with John's trading and risk management
expertise will allow us to ensure that our proprietary trading
activities are managed in a holistic fashion across the Investment
Bank, with the objective of focusing on maximizing our returns on
allocated capital."
In addition, Johansson will assume global responsibility for Fixed
Income, Currencies and Commodities (FICC) on an interim basis,
following Andre Esteves' decision to step down as Global Head of FICC
and focus full-time on his role as Chairman and CEO of UBS Latin
America, based in Brazil. Esteves will continue to advise Johansson on
the risk management of positions within FICC's Workout Group.
"Andre led our FICC business during a period of unprecedented
market dislocation and has helped us begin the critical repositioning
of FICC," added Johansson. "Assuming responsibility for FICC will
allow me to get closer to the most complex part of the IB portfolio
and directly engage with the leaders in the business to review and
further reposition our platform around our core client-facing product
capabilities."
UBS Risk Control
UBS announced the appointment of Philip Lofts as Group Risk Chief
Operating Officer and that Thomas Daula will join the firm in June
2008 as IB Chief Risk Officer. Daula's newly expanded role will
include the responsibilities of the IB Chief Risk Officer as well as
the IB Chief Credit Officer. Daula was most recently at Morgan
Stanley, where he was Chief Risk Officer, and will become a member of
the Group Managing Board, reporting jointly to Johansson and Joe
Scoby, Group Chief Risk Officer. Loftswas most recently Group Chief
Credit Officer for the firm.
"Tom's deep understanding of both portfolio risks and risk
methodology make him a great addition to our team" said Scoby.
Within the Risk Control function, UBS announced the integration of
the monitoring and controlling responsibilities of the Group's Market
Risk and Credit Risk functions into a single unit. This new unit, to
be called Group Portfolio and Concentration Risk Control, will have
responsibility for the monitoring and controlling of the firm's
overall risk exposure across credit, market and country risk, as well
as performing portfolio analytics on risk evolution at the overall
portfolio level.
"These changes are designed to establish a best in class Risk
Control team with an overall view of all risks," added Scoby. "The
creation of an integrated portfolio and concentration risk group will
help break down any remaining information silos between the different
risk functions."
UBS is one of the world's leading financial firms, serving a
discerning international client base. Its business, global in scale,
is focused on growth. As an integrated firm, UBS creates added value
for clients by drawing on the combined resources and expertise of all
its businesses.
UBS is the leading global wealth manager, a leading global
investment banking and securities firm, and one of the largest global
asset managers. In Switzerland, UBS is the market leader in retail and
commercial banking.
UBS is present in all major financial centers worldwide. It has
offices in 50 countries, with about 38% of its employees working in
the Americas, 33% in Switzerland, 16% in the rest of Europe and 13% in
Asia Pacific. UBS employs more than 80,000 people around the world.
Its shares are listed on the Swiss Stock Exchange (SWX), the New York
Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE).
UBS
Rohini Pragasam, Media Relations:
1-212-882-5690
Copyright Business Wire 2008
