Global Asset Management

Initiatives and achievements

Changes in core equities management

We have made a number of changes to our equities capability over the past few months. In May, we announced that the Global Head of Equities would step back from all direct investment responsibilities to focus solely on business management to support the continued growth of the equities business. The Deputy Global Head of Equities was appointed to a new expanded role as Head of Core Equities, which includes overseeing research and portfolio management as well as direct investment responsibilities. These changes are aimed at optimizing the activities and focus of our senior investment managers while ensuring that we are better placed to improve our investment performance and grow our business.

We also announced a strengthening of our core global equities team with the appointment of a senior portfolio manager who joins us from Nicholas-Applegate on 1 October 2007 and will be located in London.

New team joins growth equities

In early July, we announced the expansion of growth equities with the hire of an experienced global growth team. This will enable us to provide clients with access to additional equity investment options that complement our existing offering. The five-strong global growth team joined us from Nicholas-Applegate and is based in San Diego, California in the US.

UBS expands into Korea

In May we entered into an agreement with Hana Daetoo Securities (formerly Daehan Investment & Securities Company Ltd.), a wholly owned subsidiary of Hana Financial Group, to acquire 51% of Daehan Investment Trust Management Company Ltd. (DIMCO). The acquired company will be known as UBS Hana Asset Management Company Ltd. (UBS Hana Asset Management) internationally, and as Hana UBS Asset Management in Korea. The transaction closed in late July.

At closing, UBS Hana Asset Management managed around KRW 19.9 trillion (equivalent to approximately USD 21.7 billion or CHF 26.4 billion) in assets. It is one of the market leaders in the Korean asset management industry.

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