UBS

ON THE US

Brian Gallagher, manager of the £22m UBS Equity Income fund, has left the firm, with his fund handed over to Edward Peter-Hoblyn and Richard Lloyd.

The ETF market is the latest segment of the industry to ask itself this question. It is a path which in the last decade has been trodden by the structured investments and split capital investment trust sectors.

Oswald Gruebel, the chief executive of Swiss bank UBS, has resigned over an alleged £1.5bn ($2.3bn) rogue trading loss.

ON UK GROWTH

Swiss banking giant UBS has raised its estimate of the losses allegedly caused by rogue trader Kweku Adoboli to $2.3bn (£1.5bn).

The FSA and the Swiss Financial Market Supervisory Authority (FINMA) are launching an independent investigation into the events surrounding the huge trading losses incurred by UBS, allegedly as a result of the actions of 'rogue trader' Kweku Adoboli....

City of London police have charged UBS trader Kweku Adoboli with fraud in relation to the $2bn loss at the bank.

The revelation of rogue trading at UBS follows a period of market volatility. That is nothing new, say risk managers.

Ratings agencies S&P and Moody's have placed UBS' Aa3 rating on review for downgrade following its $2bn unauthorised trading loss.