UBS cuts over 100 asset management jobs - reports

Focus on Asia and passives

UBS is cutting jobs at its asset management arm as it increases its focus on growth in China and passive investing, according to Bloomberg.

The Swiss bank is said to have cut at least 100 positions at its asset management unit in areas such as distribution over recent months. Around 30 of these losses took place in the US. According to UBS filings, the arm had 2,361 employees at the end of March. UBS said in a statement: "We do not comment on adjustments that we make over time and are focused on serving the needs of our clients, growing our business and improving efficiency." According to Bloomberg, UBS AM chief executive Ulrich Körner has been overhauling the asset management arm since 2014 by selling-off assets, revi...