Ubs Ag Stock News

Credit Suisse wants to shift buying activities to an external provider as part of its new strategy, research by finews.asia shows. Credit Suisse wants to centralize and outsource about $4.4 billion of its yearly purchasing activities managed by about 250 employees, research by finews.asia shows. The activities comprise IT purchasing, travel costs, facility management and office supplies. Daniel Helmig was appointed the head of the area earlier this year. Market Adjustment When asked, Credit Suisse told finews.asia : «Credit Suisse is always looking for ways to improve operations. As a global bank, we constantly strive to adjust business activity and clients needs to that of the market.» Outsourcing such activities is not unusual, particularly if done on a large enough scale that significantly helps to cut internal costs. UBS Leads UBS, for example, moved its entire purchasing chain a few years ago to Swiss company Chain IQ specifically created for that exact purpose, as finews.com reported exclusively at the time.

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The manager of a $3 billion Asia bond fund at UBS has reportedly left with sizeable year-to-date losses and significant holdings in Chinas real estate sector including debt issued by Evergrande. Singapore-based Ross Dilkes has left UBS Asset Management after first joining 16 years ago, according to a «Bloomberg» report , though the Swiss firm did not provide a reason for the departure. Dilkes is the lead manager of the Asian High Yield fund, which was established around nine years ago. UBS head of global emerging markets and Asia Pacific fixed income Hayden Briscoe , who co-manages the fund, will take over as lead manager until a successor is found, according to fund analyst Morningstar. Evergrande Exposure Currently, UBS is amongst the top five holders of Evergrande bonds at $274 million as of September 30, according to public data, which includes holdings invested client money like the Asian High Yield fund. The fund also has sizeable positions in other troubled developers like Sunac China and Kaisa Group.

Boothbay Fund Management LLC purchased a new stake in shares of ITHAX Acquisition Corp. (OTCMKTS:ITHXU) during the second quarter, HoldingsChannel reports. The institutional investor purchased 17,257 shares of the companys stock, valued at approximately $172,000. Other large investors have also recently bought and sold shares of the company. UBS Group AG purchased a new stake []

Invesco Ltd. acquired a new position in shares of UBS Group AG (NYSE:UBS) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 5,549,580 shares of the banks stock, valued at approximately $85,129,000. Invesco Ltd. owned about 0.16% of UBS Group as of its []

Nuveen Asset Management LLC cut its stake in shares of UBS Group AG (NYSE:UBS) by 3.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 667,241 shares of the banks stock after selling 24,652 shares during the quarter. Nuveen Asset []