UBS

The former UBS trader accused of losing the bank more than $2bn in unauthorised trades owed money to eight payday loan firms when he was arrested last year, a court heard yesterday.

The UBS trader who allegedly lost the bank $2.3bn by exceeding his trading limits and faking deals has been labelled a "master fraudster" by prosecutors at court today.

UBS Global Asset Management has hired Stephen Hutton as head of UK wholesale to spearhead the firm's drive into the third party discretionary market.

Swiss investment bank UBS is set to sue US stock exchange Nasdaq over its mis-handling of the Facebook flotation, after it emerged today its bet on the firm cost it $356m.

Insight Investment has appointed a head of currency to replace Dale Thomas (pictured), who left the firm in May.

Switzerland's biggest bank UBS and Deutsche Bank, Germany's largest lender, have both posted sharp falls in profits for Q2 as fees and commissions dwindled in the face of the eurozone crisis.

Leading fund managers including Richard Buxton at Schroders have been increasing their exposure to major UK banks following the LIBOR scandal which has rocked the sector.

UBS has closed its underperforming Absolute Return Bond offering after assets dwindled to £15m.

RBS and Lloyds, the two UK tax-payer backed banks, are among a dozen financial groups being investigated for manipulating the LIBOR rate, which resulted in a record £290m regulator fine for Barclays, it was revealed yesterday.

Projit Chatterjee, manager of the UBS Emerging Markets Equity Income fund, talks to Joanna Faith about how he has positioned his portfolio since launch last year and his outlook for key emerging market regions.