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UBS strengthens Asian Prime Brokerage with appointment of Joseph Cavatoni

| Media Releases APAC

Joseph CAVATONI has been appointed as Head of Equities Collateral Trading at UBS's Prime Brokerage unit in Hong Kong. In the newly-created position, Cavatoni will be responsible for servicing UBS's hedge fund clients in Asia Pacific.

"I am confident that Joe's extensive experience in managing account portfolios across Asia Pacific will further strengthen UBS's leading equity finance franchise in the region," noted Richard JOHNSTON, Head of Equity Finance, Asia Pacific.

As Regional Head of Global Prime Brokerage and Equity Finance at Merrill Lynch in Tokyo, Cavatoni was responsible for Asian, Japanese and Australian markets. He also had responsibility for product development within the financing team with a focus on Asian markets including Korea, India and Taiwan.

Cavatoni worked for Bank of America as an account service manager and credit analyst from 1990 before joining Merrill Lynch in New York as a senior credit analyst in 1994.

He relocated to Asia in a similar capacity with Merrill Lynch's Asia Pacific Credit Team in 1996. Between July 1997 and March 2000, he managed the Greater China credit exposure portfolio and the Singapore/Malaysia portfolios, before assuming management responsibility for the Asian component of Merrill Lynch's international prime brokerage business in April 2000.

"The appointment is a further demonstration of our global commitment to the prime brokerage business. Last month, UBS acquired ABN AMRO's prime brokerage operations in the United States - a business which employs more than 190 and services in excess of 300 hedge fund clients in the major US markets. The acquisition is an important step in the development of our hedge fund services business, and allows us to offer an even more comprehensive service to this important client segment," added Johnston.

In Asia Pacific, UBS's prime brokerage business employs in excess of 20 people in Japan, Hong Kong and Australia.


Hong Kong, 14 October 2003
UBS