Huw Jenkins, the new boss over at UBS Investment Bank, is no shrinking violet. He seems happy to share his strategy with the world.
It was only last week that Jenkins, speaking at a financial services conference, talked about his plans to focus on expanding his firm's commodities, emerging markets and fixed income trading activities (as well as prime brokerage services to hedge funds). The UBS Investment Bank boss has now told the Financial Times that he intends to invest hundreds of millions of dollars in the firm's fixed income businesses over the next fews years in a bid to catch up with rivals.
According to the newspaper, Jenkins commissioned a report, and concluded that UBS was lagging rivals in fixed income. He said that 'if you look at our published figures, it looks like there's about $1bn in revenues in the fixed income cluster of businesses between us and the best-in-class competitors'.
And headhunters and recruiters will be pleased to learn that, although UBS will keep an eye on the market and may well make small acquisitions to achieve its fixed income goals, in the main, growth will be organic. In other words, the firm will be in the market to attract away talent from rivals.