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UBS Global Asset Management appoints John Dugenske as Head of Fixed Income - US and Canada

London/New York Media Releases Americas

UBS Global Asset Management today announced the appointment of John Dugenske as Head of Fixed Income - US and Canada.

From January 2009, John will be responsible for fixed income management activities in the US and Canada and for achieving the investment performance objectives for all relevant fixed income portfolios. He will be located in Chicago.

John joins us from the former asset management business of Lehman Brothers, which encompassed Lehman Brothers Asset Management and Neuberger Berman, which he joined in 2004. John most recently held the position of Head of European and Middle East Fixed Income and was based in London. Prior to this role, he ran their New York and Boston Fixed Income efforts. Between 1998 and 2003, John spent five years with Deutsche Asset Management (formerly Zurich Scudder Investments), most latterly as Director of Fixed Income Trading and Research.

As Head of Fixed Income - US and Canada, John replaces John A. Penicook Jr., CFA, CPA, who has decided to leave the firm in the coming months. John Penicook was also Co-Head of Global Fixed Income alongside Rob Gambi. Rob has now been appointed Global Head of Fixed Income.

John Fraser, Chairman and CEO of UBS Global Asset Management, said "We thank John Penicook for his enormous contribution and commitment to the firm and are grateful that he will be actively assisting in the transition over the coming months."

"We are delighted to have secured someone of John Dugenske's stature for UBS Global Asset Management. John has extensive fixed income experience - both as a portfolio manager and a team leader. He has been responsible for a wide variety of portfolios and his 18 years of investment experience will help drive our fixed income business forward to its next stage of development," Fraser continued.

About UBS Global Asset Management

UBS Global Asset Management is one of the world's leading asset managers, providing traditional, alternative, real estate, infrastructure and private equity investment management solutions to private clients, financial intermediaries and institutional investors worldwide. Invested assets totalled some CHF 708 billion (EUR 448 billion, GBP 355 billion, USD 630 billion) at 30 September 2008, 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 over 3,800 employees, located in 27 countries, we are a truly global firm. Headquartered in London, our other main offices are in Chicago, Frankfurt, Hartford, Hong Kong, New York, Paris, Rio de Janeiro, Sydney, Tokyo, Toronto and Zurich.


US - Karina Byrne +1-212-882 5692
Canada - Graeme Harris +1-416-345 7050

New York , December 12, 2008