Investor releases

UBS Announces Senior Management Changes in UBS Investment Bank and Strengthens the Risk Control Function

London/New York/Zurich Investor Releases

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. Lofts was 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."