WEST PALM BEACH, FL (HEDGECO.NET) – UBS, the global asset management firm has announced that its hedge fund management assets have more than doubled, according to the report; growth in the firm�shedge fund management business is predicted to continue to grow over the coming years. UBS hedge fund managed assets now stand at a strong 16.7 billion; the asset management branch of the firm wasformed in early 2003.
According to the released statements, growth in the firm�s asset management business saw a rapid acceleration as wealth investors and institutions continue to seek out alternative investment vehicles, which provide absolute return regardless of market direction.
UBS has its own multi-manager fund of fund operations; rapid growth in the firm�s hedge fund operations has helped UBS to become one of the largest hedge fund managers. According to news reports, UBS recently won 10 billion in new institutional asset management obligations during the first quarter of 2004.
For the firm, the first quarter pre-tax profit margin rose by 29% to the sum of 144 million Franks. The company attributes such rise to �higher management fees reflecting the strong net new money inflows and continued strong market valuations,� according to the bank. Bank authorities also said, institutional fees also increased by 41%, and the banks global management assets saw a significant growth of 27% from the levels recorded in 2003.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
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