Huw Jenkins, the new boss over at UBS Investment Bank, is intent on taking it to the max, and building on the good work already done by predecessor John Costas, who is now busy launching the bank's Dillon Read hedge fund.
Speaking at a financial services conference earlier this week, Jenkins said that 'there are some considerable gaps within our product portfolio which are not that difficult for us to close. If we can't close these gaps meaningfully in the next couple of years, we'd be pretty disappointed'. Jenkins said that he plans to focus on expanding his firm's commodities, emerging markets and fixed income trading activities in the short-to-medium term. He will also beef up UBS's prime broker services to hedge funds, and pursue additional bond and FX trading revenues in China and the Asia-Pac region. European investment banking also looks set for growth.
Finally, closer co-operation between the bank's investment banking and private banking businesses has resulted in clients investing in more higher-margin structured products. Vittorio Schiro, the head of structured equity products over at the investment bank, told Dow Jones Newswires earlier this week that 'today we're at several percentage points of assets under management that are invested in structured products, up markedly from less than 1% a few years ago'.