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Mark Melchiorre Joins O'Connor as Head of Credit Strategies

Chicago | | Media Releases Americas

UBS Global Asset Management announced today that O'Connor, the key hedge fund specialist within the Alternative and Quantitative Investments (A&Q) group, has appointed Mark Melchiorre as Head of O'Connor Credit Strategies.

Mr. Melchiorre joins UBS from Credit Suisse Group in New York where he was a senior member of the High Yield Credit Trading group. Mr. Melchiorre will be a Managing Director focused on expanding O'Connor's credit trading strategies.

"We are excited to add Mark's talent and experience to our global team, and believe the market opportunity for his credit trading skill set is tremendous. With the current downdraft in credit markets and Mark's leadership, we feel it is a good time to build the business," noted Joseph Scoby, Global Head of A&Q.

O'Connor, with more than USD 7 billion in assets under management (as at 1 August 2007) is dedicated to absolute return investment management through its single manager funds and combines significant, actual experience in trading, risk management and alternative investments. O'Connor is part of the Alternative and Quantitative Investments group, which is one of the largest alternative investment providers in the world with more than USD 60 billion in assets under management (as at 1 August 2007).

About UBS Global Asset Management

UBS Global Asset Management is one of the world's leading asset managers, providing traditional, alternative and real estate investment management solutions to private clients, financial intermediaries and institutional investors worldwide. Invested assets totalled some CHF 920 billion at 30 June 2007, making the firm one of the largest global institutional asset managers, a leading fund house in Europe and the largest mutual fund manager in Switzerland .

With around 3,500 employees, located in 23 countries, UBS Global Asset Management is a truly global firm. The main offices are in Basel, Chicago, Frankfurt, Grand Cayman, Hartford, Hong Kong, London, Luxembourg, New York, Rio de Janeiro, Sydney, Tokyo, Toronto and Zurich.


Source: Lipper FundFlows Insight Report (as at 30 June 2007)

UBS

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 top tier 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 39% of its employees working in the Americas, 34% in Switzerland, 17% in the rest of Europe and 10% in Asia Pacific. UBS's financial businesses employ some 80,000 people around the world. Its shares are listed on the SWX Swiss Stock Exchange, the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE).


Contact:

Kris Kagel : +1-212-882-5691



New York, August 27, 2007

UBS