Top Hedge Fund News, Member Posts, Hedge Fund Daily Indices and more!

4yrs ago Hedge Fund dealbreaker Views: 275

Desperate times call for frugal measures.

One is no longer allowed to be a Swiss bank. Sure, you’re still allowed be a bank in Switzerland. In fact, without banks, Switzerland would pretty much have nothing beyond chocolate, watches and skiing, and that’s no way to run an economy. But you’re not allowed to do the things that used to make a Swiss bank really Swiss, as opposed to simply being in Switzerland, even if you have the word “Swiss” in your name, like UBS does.

The real problem for UBS is that, now that it’s no longer allowed to offer clients properly Swiss banking services, it doesn’t really have anything to offer them at all. Nothing it’s particularly good at, anyway. So while its colleagues across went out and hired someone who, unlike the outgoing guy, really understands what it is to be a Swiss banker, UBS is going for a clean break with the very idea of Swiss-ness. And also maybe bank branches.

On Wednesday, it tapped a digital banking specialist, Ralph Hamers, to be its next chief executive from Nov. 1, surprising investors and analysts who expected either an internal candidate or an outsider with experience running a wealth management business…. Mr. Hamers got the job after building a reputation at ING for successfully moving more customers out of branches and onto their phones and computers…. The moves let it cut costs by shutting hundreds of branches and shedding thousands of jobs in Belgium and the Netherlands.

So he’s already an expert at the one thing UBS does really well.

UBS Puts Digital First With New Tech-Savvy CEO [WSJ]


Today's Hedge Fund Headlines:

Log In for More
Access Over 250K+ Industry Headlines, Posts and Updates
Not a member yet?

Join AlphaMaven

The Premier Alternative Investment
Research and Due Diligence Platform for Investors

Free Membership for Qualified Investors and Industry Participants
  • Easily Customize Content to Match Your Investment Preferences
  • Breaking News 24/7/365
  • Daily Newsletter & Indices
  • Alternative Investment Listings & LeaderBoards
  • Industry Research, Due Diligence, Videos, Webinars, Events, Press Releases, Market Commentary, Newsletters, Fact Sheets, Presentations, Investment Mandates, Video PitchBooks & More!
  • Company Directory
  • Contact Directory
  • Member Posts & Publications
  • Alpha University Video Series to Expand Investor Knowledge
  • AUM Accelerator Program (designed for investment managers)
  • Over 450K+ Industry Headlines, Posts and Updates
ALL ALPHAMAVEN CONTENT IS FOR INFORMATIONAL PURPOSES ONLY. CONTENT POSTED BY MEMBERS DOES NOT NECESSARILY REFLECT THE OPINION OR BELIEFS OF ALPHAMAVEN AND HAS NOT ALWAYS BEEN INDEPENDENTLY VERIFIED BY ALPHAMAVEN. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. THIS IS NOT A SOLICITATION FOR INVESTMENT. THE MATERIAL PROVIDED HEREIN IS FOR INFORMATIONAL PURPOSES ONLY. IT DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY INTERESTS OF ANY FUND OR ANY OTHER SECURITIES. ANY SUCH OFFERINGS CAN BE MADE ONLY IN ACCORDANCE WITH THE TERMS AND CONDITIONS SET FORTH IN THE INVESTMENT'S PRIVATE PLACEMENT MEMORANDUM. PRIOR TO INVESTING, INVESTORS ARE STRONGLY URGED TO REVIEW CAREFULLY THE PRIVATE PLACEMENT MEMORANDUM (INCLUDING THE RISK FACTORS DESCRIBED THEREIN), THE LIMITED PARTNERSHIP AGREEMENT AND THE SUBSCRIPTION DOCUMENTS, TO ASK SUCH QUESTIONS OF THE INVESTMENT MANAGER AS THEY DEEM APPROPRIATE, AND TO DISCUSS ANY PROSPECTIVE INVESTMENT IN THE FUND WITH THEIR LEGAL AND TAX ADVISERS IN ORDER TO MAKE AN INDEPENDENT DETERMINATION OF THE SUITABILITY AND CONSEQUENCES OF AN INVESTMENT.