UBS's emergency takeover of Credit Suisse in March last year has led to significant changes in the mutual fund landscape. Since early 2023, UBS has merged CHF 4.4 billion worth of Credit Suisse funds into its own offerings, streamlining its asset management services.
UBS Asset Management has appointed Rory Tobin as Senior Advisor to enhance its global ETF and index capabilities. With over 35 years of experience, including leadership roles at State Street Global Advisors and Barclays, Tobin will work closely with the Asset Management team to drive expansion in key markets. Aleksandar Ivanovic, President of Asset Management, expressed confidence in Tobin's ability to meet growing client demand following the firm's acquisition by Credit Suisse.
UBS's emergency takeover of Credit Suisse in March last year has led to significant changes in the mutual fund landscape. Over the past 18 months, UBS has merged approximately €4.5bn worth of Credit Suisse funds into its own offerings, streamlining its asset management services.
UBS’s European investment banking leader is focusing on growth and expansion following the integration of Credit Suisse. The firm is actively hiring to strengthen its position in the market and capitalize on new opportunities.
UBS is under investigation by US authorities for potential sanctions violations related to Russian client accounts acquired from Credit Suisse. The bank is cooperating with the Office of Foreign Assets Control to identify and close accounts with "problematic origins," amid heightened scrutiny from both US and Swiss regulators. This situation is straining US-Swiss relations, particularly over transparency issues regarding beneficial ownership.
The Swiss stock market remains in a bearish trend, with the SMI Guiding Values Index down 1.08% to 8174.97 points, influenced by concerns over potential U.S. interest rate hikes. Major banks like UBS and Credit Suisse faced significant losses, while defensive stocks like Nestlé and Novartis attempted to mitigate the downturn. Kudelski saw a positive turn with a court victory against China's Gotech, while Adienne announced plans to enter the stock market without further details.
The Swiss stock exchange closed lower, with the SMI down 0.70% at 8206.20 points, following concerns over potential U.S. interest rate hikes. Major banks like UBS and Credit Suisse faced significant losses, while defensive stocks like Nestlé and Novartis attempted to mitigate the downturn. Market experts anticipate a turbulent period ahead after recent volatility in U.S. markets.
UBS aims to enhance its US banking operations by obtaining a national Industrial Loan Company license from the FDIC, which would allow for a broader range of lending services. Despite skepticism from analysts regarding immediate share price increases, UBS's Chairman Kelleher sees potential for growth, particularly in wealth management, where nearly half of its revenue originates from the Americas. The bank's profitability in the US is hindered by its current licensing limitations, impacting its ability to offer high-margin loans.
Rory Tobin, a veteran in the ETF industry with 35 years of experience, has joined UBS Asset Management as a senior advisor to enhance its global ETF and index capabilities. Reporting to Aleksandar Ivanovic, he aims to accelerate growth in key markets, particularly EMEA, following UBS's acquisition of Credit Suisse. Tobin previously led State Street Global Advisors' ETF business and was recognized for his contributions to the industry at the 2023 ETF Stream Awards.
Axel Lehmann, the former Chairman of Credit Suisse, has faced criticism for offering crisis management advice on LinkedIn after the bank's takeover by UBS. His tips, which emphasize recognizing the full extent of a crisis and considering soft factors in decision-making, have been met with skepticism, with users questioning why he didn't apply these principles during his tenure. Credit Suisse's fate was sealed on June 12, 2023, marking a significant moment in the European financial sector.
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